INDUSTRY Detroit will have 20% of office space set-aside for MBEs with below market leases and other concessionary terms. Invest Detroit will provide tenants with small business technical assistance and CDFI loans, if needed. INDUSTRY Detroit will award at least 25% of construction subcontracts and 15% of professional service contracts to M/WBEs.
Urban Action Community Development (UACD) deployed $5MM in Round 18 NMTC allocation to three mission-aligned institutions – Q Factor, Midtown Detroit, and Invest Detroit (collectively the Project Sponsors) to redevelop a former high school in the heart of Detroit’s Midtown community, which had been vacant since 2016. The Project Sponsors are transforming the 123k SF building into a mixed-use hub for equitable entrepreneurship and minority business growth. Once complete, INDUSTRY Detroit, aka the Project, will include privately leased spaces for small businesses, artist studios and makers spaces, and event and outdoor amenities for tenants and community groups. INDUSTRY Detroit will set aside 25k SF of the office space for 25 minority-owned businesses that will have concessionary terms and leases discounted by 20% of comparable market rate space. INDUSTRY Detroit will be the centerpiece of the New Economy Initiative’s efforts to build an inclusive ecosystem for Detroit’s minority entrepreneurs. INDUSTRY Detroit is fostering substantial employment growth for emerging businesses that would otherwise struggle to find quality, affordable space.
