Group investing $27.5 million in new housing for Detroit neighborhoods

Posted at 5:51 AM, Sep 15, 2017
and last updated 2017-09-15 10:20:27-04

A group led by Detroit native Stephen Ross announced Thursday they are investing tens of millions of dollars to bring new housing to the city of Detroit.

Ross, who is a real estate developer and owner of the Miami Dolphins, partnered with the Ford Foundation and The Platform to invest $27.5 million for new housing.

The announcement came during day two of the fourth annual Detroit Homecoming event, which focuses on bringing those who are from Detroit bak home to get them excited about being a part of the growth.

The goal with the investment is to bring affordable housing and market rate housing, focusing on neighborhoods outside of the significant development areas. Those include Islandview, Bightmoor/Old Redford, New Center, Tech Town, Milwaukee Junction, North End, Eastern Market and Riverfront.

Some have said the neighborhoods surrounding downtown Detroit have been ignored. This group wants to use the $27.5 million to focus on what they call equitable revitalization to make sure neighborhoods like Old Redford see some development.