There’s little doubt that change is afoot in Detroit. Go anywhere Downtown or Midtown and you’ll see it — the cranes and the construction workers, the scaffolding, and the buzz of power tools around every corner.
It is an encouraging sign for the once-bankrupt city, but that progress also hides a significant issue: A bulk of this work is led by large firms that do not necessarily reflect Detroit’s racial and ethnic makeup. And those local, smaller developers who are trying to participate continue to face an uphill battle securing the capital they need.
It’s this inequity that has inspired Capital Impact Partners to launch its first-ever Equitable Development Initiative (EDI), a program designed to build the capacity of minority developers to actively participate in and shape an inclusive growth strategy for Detroit.
The program offers an opportunity for minority development professionals to come together and learn the ins and outs of local real estate development in Detroit, while growing their professional networks. The hope is that by supporting and connecting these developers, the fruits of Detroit’s renaissance will be more equitably shared.