Powering the Future: Detroit Paves the Way with Electric Road Charging System
USIG Staff - December 2023
In a groundbreaking move towards a sustainable future, Detroit is set to become the first city in America to implement an electric road charging system (ERS). At the Resilience and Equity in Clean Energy 2023 (RECESS23) Conference, Mayor Duggan announced the ambitious project, emphasizing its uniqueness in comparison to traditional road constructions.
This innovative initiative was made possible by a partnership between the Michigan Department of Transportation and Electreon. The state is investing $1.9 million in this project, signaling a significant commitment to cleaner and more sustainable… Powering the Future: Detroit Paves the Way with Electric Road Charging System
Grand Opening: $10 million Housing Development in Midtown Detroit
USIG Staff - November 2023
Midtown Detroit welcomed a vibrant addition to its landscape with the grand opening of Six55 Detroit, a $10 million mixed-income housing development led by developer Richard Hosey. The 36-unit residential complex, strategically located at 655 W. Willis in the Willis Selden neighborhood, promises to enhance the area's vitality and provide diverse housing options.
Mayor Mike Duggan and city leaders joined the celebration, marking the culmination of efforts to transform a previously vacant, city-owned lot into a thriving community space. The development comprises nine studio apartments, 18 one-… Grand Opening: $10 million Housing Development in Midtown Detroit
$11 million Detroit RiverWalk Extension Complete
USIG Staff - November 2023
Detroit, known for its rich history and vibrant culture, reached a long-anticipated milestone with the grand opening of the Uniroyal Promenade in October. This half-mile stretch along the renowned Detroit RiverWalk completes a 3.5-mile-long project, the latest jewel in the crown of the best riverwalk in America.
The Uniroyal Promenade, occupying 42 acres of land, replaces the once-empty and polluted site of the Uniroyal plant. Stretching from Mount Elliott Park to Gabriel Richard Park, the Uniroyal Promenade now connects seamlessly to Belle Isle, just east of the iconic MacArthur Bridge. This… $11 million Detroit RiverWalk Extension Complete
Revitalizing Detroit's East Warren/Cadieux Neighborhood: A $35 Million Transformation
USIG Staff - October 2023
The historically underserved Warren/Cadieux area is undergoing over $35 million in new developments. In an inspiring endeavor to breathe life into this east-side Detroit neighborhood, these developments signify a long-anticipated, pivotal moment in the neighborhood's history. Currently, renovations have begun on eight significant buildings on East Warren, including Morningside Cafe, Next Chapter Books, The Ribbon Apartments, and East Warren Farmers Market, among others. Let's delve deeper into the core aspects of this remarkable transformation.
A significant portion of the funding, $21 million… Revitalizing Detroit's East Warren/Cadieux Neighborhood: A $35 Million Transformation
Gilbert Family Foundation Contributes $375 Million to Detroit Healthcare Initiatives
USIG Staff - September 2023
In a monumental display of commitment to the city of Detroit and the fight against neurofibromatosis, Dan and Jennifer Gilbert have pledged a transformative $375 million investment. The Gilberts, well-known philanthropists in the Detroit community, are once again making headlines for their dedication to improving healthcare access and outcomes, along with their recent efforts to combat neurofibromatosis.
This substantial investment will be strategically allocated across various healthcare initiatives and institutions in Detroit, leaving a profound impact on the city's medical landscape. Dan… Gilbert Family Foundation Contributes $375 Million to Detroit Healthcare Initiatives
JPMorgan Chase Celebrates 10 Years of $200 Million Investment in Detroit
USIG Staff - September 2023
Detroit, the Motor City, is a place known for its resilience, and one financial institution has been an integral part of its story for nearly a century. JPMorgan Chase recently celebrated a remarkable milestone—90 years of active presence in Detroit. Beyond longevity, the bank has played a pivotal role in the city's revival, marking a decade of its $200 million investment in the city that continues to make a profound impact.
Over the years, JPMorgan Chase's journey in Detroit has evolved from a local bank to a global financial powerhouse. Yet, it has never lost sight of its commitment to the… JPMorgan Chase Celebrates 10 Years of $200 Million Investment in Detroit
Tom Gores and the Detroit Pistons: Driving Detroit's Revitalization Through $2.5 Million Community Investment
USIG Staff - September 2023
In a noteworthy collaboration with the City of Detroit, the Detroit Pistons have recently celebrated the completion of their 60th renovated neighborhood basketball court. This marks the culmination of six years of dedicated renovations, underscoring the franchise's unwavering commitment to the city's revitalization. It all began back in 2017 when Pistons owner Tom Gores took the initiative, sparking a $2.5 million investment project that coincided with the team's relocation to downtown Detroit.
Prior to this relocation, from 1989 to 2017, the Pistons had called The Palace of Auburn Hills home—… Tom Gores and the Detroit Pistons: Driving Detroit's Revitalization Through $2.5 Million Community Investment
Detroit Returns to Bond Market, Attracts Over $3 Billion from Investors
USIG Staff - July 2023
The City of Detroit made a remarkable return to the bond market, securing over $3 billion from 67 different investors on July 13th. The funds raised significantly exceeded the requirements for its Proposal N plan, aimed at addressing vacant houses through renovation and demolition.
Originally, Proposal N had sought a total of $100 million for its comprehensive project. However, Detroit's financial resurgence, coupled with investor confidence, propelled the bond offering to an unprecedented level of success. The city priced $100 million in Unlimited Tax General Obligation Bonds, allocating $75… Detroit Returns to Bond Market, Attracts Over $3 Billion from Investors