Now is a time of unexpected optimism in Detroit. But is that optimism on a solid footing? Does the term "renaissance" really apply to Detroit as a growing economy, a real estate market and a place where people want to live?
"I believe the Detroit renaissance is a real thing," The Detroit Future City Executive Director Anika Goss-Foster said. "We are beginning to see trends in real job growth, slowed population drain and record rates of housing permits pulled throughout the city of Detroit."
The factor that will really provide the momentum for years ahead will be the intentional inclusion of all Detroit residents in the economic prosperity of this new renaissance, she said.
"Detroit has the opportunity to lead the country in demonstrating how economic development investment can occur in older industrial cities to the benefit of all residents," Goss-Foster said.
CBRE Midwest Division President John Latessa said the Detroit renaissance is very real.
"The continued migration of companies and their workforce, along with others simply moving to take advantage of all Detroit has to offer, will continue the current momentum."
Detroit might not be on the shortlist for Amazon HQ2 — that was a long shot anyway. But other success stories involving relocation to or growth in the city are surprisingly numerous, and investors have been busy in recent years redeveloping major Downtown structures, such as the Penobscot Building, David Stott Tower, One Detroit Center and the Detroit Free Press Building, as the demand for space in Downtown grows.
Hear more about the Detroit renaissance, and the role of redevelopment in it, at Bisnow's Adaptive Reuse & Placemaking in Detroit event on Feb. 20 at the GM Renaissance Center. Goss-Foster and Latessa will be among the speakers.
