Motor City Match Announces Top Properties Available for New Business

08/11/2015
The Economic Development Corporation of the city of Detroit approved selection of 27 top ranking buildings from the first round of the Motor City Match Building Track applications for marketing and match making with new and expanding businesses.  

The program supports redevelopment of the city’s neighborhood commercial corridors by pairing building owners with new and expanding businesses in Detroit. It offers $500,000 in matching grants each quarter, plus technical assistance and support in securing additional business loans.

The “Make a Match” properties will receive a priority status as they are matched with top business owners who applied for assistance and matching as part of the Business Track of Motor City Match. Only when properties are matched with businesses can they then be considered for design-build assistance and grant awards.

"The response to the first round of this new program shows how strong the desire is to activate vacant space and open new businesses in Detroit neighborhoods," said Mayor Mike Duggan. "As Motor City Match moves forward, we are going to start to see new small businesses open up along our commercial corridors, giving residents options and opportunity.”

More than 150 building-owner applications were submitted, representing more than 1.7 million square feet of space. Buildings in the Make a Match award level range from a former bank building near Indian Village currently undergoing restoration to retail space in Detroit’s Brightmoor Neighborhood being transformed into a healthy food hub.  

“These buildings in the heart of Detroit’s neighborhoods represent a great mix of properties that are good candidates for a new business tenant,” says Rodrick Miller, DEGC President and CEO. “The task now is to review the more than 350 businesses that have applied to Motor City Match and help connect them with these great properties.”


Each building application was scored based on five criteria:
1)      Building characteristics and vision
2)      Building condition
3)      Community and market support
4)      Leverage
5)      Compliance on property taxes, water bills and blight tickets

Scores are based on evaluation of applicant-reported information, a professional assessment of building conditions, and verification of compliance.

In addition to the 27 properties that reached the Make a Match award phase, another 45 sites reached the “Get Ready” award category, meaning they met all eligibility criteria, received a building conditions assessment and are listed on the map of available properties.  Many of these properties have multiple spaces available for lease to accommodate several new businesses at a single site.

Moving forward, Motor City Match is considering “Make a Plan” design-build awards and “Match Your Cash” financial assistance awards for 30 building owner applicants that have a tenant secured, but need help to get open. Award determinations for those properties will be made in the future as information on businesses and building owners is further analyzed.

The 35 building owner applicants that were ruled ineligible for an award will have the opportunity to update their applications, fix the eligibility issues and reapply for the next round of Building Track applications. In addition, the 45 “Get Ready” awardees may update their applications to be considered for higher future award levels.  The second application cycle of the Building Track closes at Midnight on September 1.

Motor City Match is currently analyzing over 350 business applicants that applied to round one of the Business Owner Track. Business owners will be selected for awards by October 1.

 

Motor City Match is supported through the City of Detroit's Community Development Block Grant program and through the philanthropic contributions of the James S. and John L. Knight Foundation, Fred A. and Barbara M. Erb Family Foundation, Kresge Foundation, New Economy Initiative of Southeast Michigan, Bank of America, and Fifth Third Bank. For more information about the program and how to apply, please visit www.MotorCityMatch.com

Motor City Match Property Map: http://www.motorcitymatch.com/make-a-match-map/

CONTACT:  
Josh Hovey
C: 517-712-5829
O: 313-393-1300