In December 2014, the GS Social Impact Fund made a $6.9 million preferred equity investment to finance the redevelopment of Detroit’s East Riverfront neighborhood. The project will span 19 structures, 7.7 acres and four city blocks, adding 278 units of low-rise, mixed-income rental apartments, 10,530 square feet of ground-floor retail and 356 parking spaces.
Once complete, the project will transform blighted city-owned land, reconnect the Riverfront area to the downtown core and help satisfy the growing demand for high-quality housing in Detroit. 20% of the housing units will be set aside for households earning less than the area median income, helping to preserve an economically diverse neighborhood.
This first phase of the development is part of decade-long effort to redevelop the East Riverfront, aimed at reactivating the area and converting it into a gateway to Detroit’s downtown. Fueled by a unique convergence of public and private organizations, the completed project will act as an engine for job creation, additional development and economic renewal across the region.