DETROIT (WXYZ) — The Kresge Foundation announced on Friday that it plans to move the foundation’s headquarters from Troy to Detroit, along with a $180 million investment into city neighborhoods.
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The plan, according to the foundation, is to invest that funding over the next five years into “housing stabilization, home ownership, commercial corridor revitalization, public space enhancements and financial support to residents and businesses in the Fitzgerald, Bagley, University District and Martin Park neighborhoods.”
"The neighborhood is going to be better off for years to come," said Detroit Mayor Mike Duggan. "This area is booming, and with what Kresge has done today,-- the growth is just going to accelerate."
“The announcement builds on more than a decade of investments Kresge has made in improving the quality of neighborhood life in Detroit,” said Kresge’s CEO and President Rip Rapson in a statement. “Those investments will continue across the city. But this constellation of commitments focuses on the neighborhoods in the Livernois-McNichols corridor, bringing the foundation’s total investments in the area to nearly $400 million. The new investments are unprecedented in their magnitude, ambition and long-term potential to leverage support from others.”
Kresge also announced, in partnership with Live6 Alliance, the creation of a fund for residents to help with vacant land stewardship, beautification and side lot activation, resources for home maintenance and improvements, property tax relief, and support for renters.
The new Kresge headquarters will be in a newly constructed facility on the Marygrove Conservancy Campus in Northwest Detroit. The foundation has also emphasized its focus on sustainability when it comes to the new building and the area, referencing solar power and electrification in its plans.
Kresge also said it will create a resilience hub that will help support residents year-round during emergencies related to climate change and infrastructure failures.
Read more about the planned neighborhood investments here.
