High returns bring foreign investors to Detroit real estate market
Crains Detroit Business, November 29, 2015
Comparatively high rates of return on real estate investments in greater downtown and metro Detroit as a whole continue to drive foreign investors to the region in search of deals. It's difficult to quantify exactly how much money from overseas has been spent on real estate investment sales in the past few years, but it's well into the several hundred millions of dollars...
Artist Pharrell Williams banking on Detroit real estate
Louis Aguilar, The Detroit News 5:42 p.m. EST December 4, 2015
Grammy-Award winning musician Pharrell Williams is partnering with an acclaimed New York architect on a potential major housing development in Detroit. Residents in North Corktown say a swath of city-owned empty land is the possible location..
World's 2nd-richest man buys Detroit building
Louis Aguilar, The Detroit News 10:04 a.m. EDT April 7, 2015
A Mexican businessman whose international empire is worth an estimated $76.2 billion has bought a nearly empty building in Detroit.
The property: the Marquette Building, a 10-story structure at the corner of West Congress Street and Washington. It may be best known for having an Office of Michigan Secretary of State on its ground floor that closed a few years ago.
Obama hails auto industry comeback, Motor City revival
The Detroit Free Press 7 p.m. EST January 7, 2015
U.S. President Barack Obama hailed the resurgence of the U.S. auto industry as well as Detroit's emergence from bankruptcy today at Ford's assembly plant in Wayne, where he was applauded by hundreds of Ford workers and elected officials.
"Today I wanted to come here to Michigan because this state proves that no matter how tough times get, Americans are tougher,"
Detroit in good shape after bankruptcy
The Detroit News 12:07 a.m. EST December 11, 2014
Detroit wakes up today with a clean balance sheet, a solid plan for keeping its finances on course, and a leadership team that is demonstrating a commitment to changing both the culture and fate of the city.
That's about as good an outcome as anyone could have hoped for when state intervention in the city's operation began nearly two years ago.
Want to make money as a landlord? Try Detroit
By Les Christie @CNNMoney April 16, 2014: 7:00 AM ET
Want to make money as a landlord? Consider Detroit... seriously.
Real estate investors are flocking to the city -- not only to take advantage of some of the best deals in the nation, but also because occupancy rates are soaring and so are rents.
Obama Commits $320 Million to Aid Bankrupt Detroit
By Chris Christoff and Mark Niquette Sep 27, 2013 5:02 PM ET
With $320 million of federal, state and private aid in hand, top White House officials came to Detroit and vowed to help the bankrupt city fight crime, improve mass transport and eradicate blight.
JPMorgan is betting $100 million on Detroit. Can it leverage a lot more?
By Jim Tankersley August 15,2014
There are all sorts of theories in Detroit for why Seybert’s employer is dropping $100 million to help fix up parts of this city. It’s charity; it’s a secret deal with the Justice Department; it’s guilt over all the Detroiters the bank foreclosed on during the crisis; it’s a plot to privatize municipal infrastructure.
Plans for $650 million Detroit Red Wings arena and entertainment district unveiled
By David Muller | dmuller@mlive.com updated September 04, 2013 at 8:11 PM
The $650 million development would be funded with a mix of $365.5 million in private investment and an estimated public investment of $284.5 million, and Jackson and others were quick to stress that no money would come from the general funds of the financially beleaguered city or county.
Detroit lands headquarters for $148 million high-tech advanced manufacturing research institute
Dave LewAllen 6:20 PM, Jul 23, 2014
“Detroit needs to get used to winning again,” Mayor Mike Duggan declared Wednesday.
Duggan made the statement after announcing the headquarters of a federally funded $148 million lightweight metals manufacturing research and technology institute will open in the city.
Special Deals Allow Detroit To Collect Hundreds Of Millions In Extra Revenue
By Tom Gantert | April 15, 2014
While some are pitching a storyline in Detroit of a bankrupt city in need of more revenue, the city already collects hundreds of millions of dollars in taxes that no other city can.
The state allows only the city of Detroit to collect a "utility users' tax" and a casino "wagering tax" that combined accounted for $221.4 million in revenue in 2012.