Tuesday, January 18, 2011

Investors, Young Professionals Return to Detroit

People nationwide are learning more about Detroit in the news. If it isn't the primetime cop drama, Detroit 1-8-7, you probably heard of it from TIME's Assignment Detroit series. Investors and young professionals are turning to Detroit to revitalize the city, especially in the Midtown district.
Amid talk of downsizing and abandonment, a new surge of young investors has been moving into Detroit and revitalizing its economy.

"Hotels, theaters, art galleries, charter schools, condos and dozens of restaurants have opened, primarily in abandoned buildings, in the past year or are to open this year in the Midtown, New Center and Woodbridge neighborhoods.

'We are onto something great in this city,' Detroit artist and muralist Jennifer Quigley said. 'People who want art and culture are gravitating here.'

The revitalization is being driven by generous grants, new state tax credits and more investor confidence in the city's ability to attract young professionals, art enthusiasts and others, said Sue Mosey, president of the University Cultural Center Association, a nonprofit community group based in Midtown."

No comments: