2024 ANNUAL REPORT
Impact Driven.
People Focused.

Leading with community at the forefront
In 2024, Detroit showed what’s possible when capital meets community. From neighborhood parks to mixed-use housing, from early-stage startups to flavors that celebrate all cultures, this year was a powerful reminder that real progress happens when we invest in people and the places they call home. At Invest Detroit, we supported 60 businesses and projects citywide—deploying $45 million and leveraging more than $271 million in additional investment—to create housing, grow local businesses, and bring new life to our commercial corridors.
This year wasn’t just about groundbreakings or ribbon cuttings—it was about building trust, expanding access, and delivering impact that lasts. With 76% of our investments reaching underserved communities, and nearly 700 jobs created or retained, we remained focused on the long game: creating a city that works for everyone.
Whether it’s helping entrepreneurs scale, developers break ground, or neighbors stay rooted, Invest Detroit continues to lead with one principle:
We are people first.

Featured Story
Lily’s and Elise Tea House
$640 Million Deployed
$4.5 Billion LEveraged
KEY METRICS SINCE INCEPTION
1,047 Projects or Businesses Supported
8.6 Million Total Commercial/Retail Sq Ft created
5,924 Housing Units Created
1,410 Affordable Housing Units Created
17,552 Jobs Created or Retained
2024 HIGHLIGHTS
This year we turned bold ideas into tangible impact. Here are a few stand-out moments.
STRATEGIC NEIGHBORHOOD FUND 3.0
announced Phase 3 of the Strategic Neighborhood Fund to expand affordable housing, improve commercial corridors, and enhance public spaces across 10 neighborhoods.
MI INNOVATION FUND
led the charge in advancing Michigan’s start-up ecosystem by expanding access to early-stage capital and showcasing the power of cross-sector collaboration to drive innovation and economic growth.
MOTOR CITY CONTRACTOR FUND
launched its second cohort, welcoming 50 Detroit-based and locally active contractors who are building businesses, strengthening communities, and driving neighborhood transformation across the city.
2024 By The Numbers
2024 Key Metrics Across All Programs
$46,601,938 Deployed
$271,425,609 Leveraged
60 projects and/or businesses supported
444,195 Total SQ FT of commercial/retail
243 Housing Units Created with 160 Affordable Housing Units (66% of All Units)
686 Jobs Created or Retained
76% impact population represented*
*Invest Detroit’s impact population is businesses or projects owned or developed by people of color, immigrants, and women, and startup companies based in Detroit.
2024 Real Estate Metrics
$30,992,148 Deployed
$103,055,854 Leveraged
338,830 Total SQ FT of commercial/retail
242 Housing Units Created with 160 Affordable Housing Units (66% of All Units)
13 projects Supported
65% impact population represented*
*Invest Detroit’s impact population is businesses or projects owned or developed by people of color, immigrants, and women, and startup companies based in Detroit.
2024 Small Business MEtrics
$3,252,500 Deployed
$2,559,005 Leveraged
53 Jobs Created or Retained
6 businesses Supported
100% impact population represented*
*Invest Detroit’s impact population is businesses or projects owned or developed by people of color, immigrants, and women, and startup companies based in Detroit.
2024 Commercial and Industrial Metrics
$3,350,000 Deployed
$3,250,750 Leveraged
191 Jobs Created or Retained
2 Businesses Supported
100% impact population represented*
*Invest Detroit’s impact population is businesses or projects owned or developed by people of color, immigrants, and women, and startup companies based in Detroit.
2024 Id Ventures MEtrics
$6,066,250 Deployed
$162,560,000 Leveraged
39 Companies Funded
326 jobs Created or Retained
72% impact population represented*
*Invest Detroit’s impact population is businesses or projects owned or developed by people of color, immigrants, and women, and startup companies based in Detroit.
2024 By The Stories
Real Estate
The Ribbon
The Ribbon is a newly opened $8.2 million mixed-use development and the largest along the East Warren corridor in decades. Led by emerging Detroit-based developer Edward Carrington of Flux City, the project brings 18 affordable apartments and ground-floor retail to East English Village, including the first permanent home of Aura Vibez Movement Studio.
Supported by Invest Detroit’s Strategic Neighborhood Fund, the Detroit Housing for the Future Fund, and Capital Impact Partners, The Ribbon reflects a deeply collaborative, community-guided effort. Rents are set at or below 60–80% AMI, with affordability guaranteed for 25 years.
With more local businesses on the way, The Ribbon is a model for equitable development—anchored in resident input, powered by partnerships, and built for Detroiters.
Developer
Edward Carrington, Flux City
Provides 18 Affordable apartments and ground-floor retail
Commercial and Industrial
Randolph Centre
Randolph Centre 2020 LLC is transforming a 38,742-square-foot historic property in the heart of Detroit’s Paradise Valley into a vibrant hub for design and culture. The building will now serve as the expanded home of Hamilton Anderson Associates, a Detroit-based architectural firm, alongside the Hamilton Development Corporation.
A key feature of the redevelopment is the arrival of Fixins Soul Kitchen—a celebrated Black-owned restaurant founded by former NBA All-Star and Sacramento mayor Kevin Johnson and his wife Michelle.
Invest Detroit’s commitment helped bring this vision to life, supporting job creation, honoring Black cultural legacy, and contributing to the continued revitalization of Paradise Valley, a historic district rooted in the legacy of Black Bottom.
Transformed a 38,742 sq ft property in a historic district
Developer
Rainy Hamilton
Small Business
La Fonda Street + Encarnación Café
Tucked into a newly renovated duplex on Detroit’s east side, La Fonda Street and its sister space, Encarnación Café, are the heart of a rising food destination led by Detroit resident and entrepreneur Robert Encarnacion. What began as a pop-up café to test the waters quickly evolved into two thriving businesses—one bringing Latin street food to the neighborhood, the other offering a warm, espresso-forward morning menu with Dominican flair.
La Fonda Street opened in the summer of 2024 and has already earned a spot as #4 on Detroit’s Restaurants of the Year, thanks to crowd favorites like the Dominican Bowl and $2 Taco Tuesdays. Encarnación Café followed with a soft opening in November, serving coffee beverages and breakfast options that honor Robert’s roots and the rhythms of the community.
Located across from another ID-supported development, this project reflects our commitment to neighborhood-level impact, clustered investment, and minority-owned entrepreneurship that reinvests in Detroit—one plate at a time.
Named #4 Restaurant of the year by Detroit Free Press
Owner
Robert Encarnacion
ID VENTURES
Holo Footwear
Founded in 2020 by Rommel and Yuri Vega, Holo Footwear is a Latinx-owned brand creating stylish, high-performance footwear with sustainability at its core. The name “Holo” references the Holocene epoch—a nod to the environmental urgency that drives their design and materials.
While searching late at night for investors who understood their mission, Rommel Vega connected with ID Ventures. Aligning on value and love of the brand, IDV invested and helped plug Holo into Michigan’s growing startup ecosystem.
Moving from Portland to Grand Rapids, Holo Footwear has grown from a kitchen table concept to a national brand, sold in over 300 stores including Nordstrom, REI Co-op, Meijer, and Famous Footwear.
Today, Holo continues to scale, bringing eco-conscious design, immigrant ingenuity, and bold colorways to shelves across the country.
Founders
Yuri and Rommel Vega
holo Footwear is sold in over 300 stores
Strategic Neighborhood Fund
Minock Park Place
Minock Park Place is Grandmont Rosedale’s first mixed-use development, bringing together 42 affordable senior housing units and up to 5,400 square feet of new commercial space along the Grand River corridor. Set to open in 2026, this project answers a clear call from residents: more walkable destinations, dining options, and housing that allows older neighbors to age in place.
Designed with local input and led by the Grandmont Rosedale Development Corporation (GRDC), Minock Park Place transforms a long-vacant site into a hub for connection and opportunity. From the outdoor gathering spaces to the future restaurant envisioned for the ground floor, this development bridges past and present—keeping community at the center.
With support from the Strategic Neighborhood Fund, Invest Detroit, and GRDC’s small business ecosystem, this project is more than a building. It’s a long-term investment in belonging, beauty, and economic growth on Grand River.
Developer
Grandmont Rosedale Development Corporation
BRINGS 42 AFFORDABLE SENIOR HOUSING UNITS TO GRANDMONT ROSEDALE.
2024 FINANCIALS
Invest Detroit Consolidated*
Total Assets
$290,849,270
Portfolio Investments
$161,876,943
Net Assets and Partner's Equity
$183,368,440
2024 Increase in Net Assets
$10,261,111
* Audited Financial Statements for each company consolidated into Invest Detroit available upon request
Operational Highlights
Investment and program DEPLOYMENT
$45M
Fundraising
$23M
NEW STAFF HIRES
8
Combined Portfolio Composition
ReAl Estate (67%)
$109,190,360
ID Ventures (17%)
$28,124,179
Commercial (7%)
$10,865,299
SMall Business (9%)
$13,697,104
*Financials for Invest Detroit Foundation represent draft numbers for year-end 2024.
About Invest Detroit

A Stronger Detroit through 4 Areas of Focus
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Our real estate program supports both new construction and renovation projects and encompasses our Strategic Neighborhood Fund (SNF) investments. While we continue to support projects in the Greater Downtown, it is through SNF that we expand our tools to commercial and mixed-use buildings in neighborhood catalytic commercial corridors. We support both large projects led by experienced developers that will bring affordable housing to a neighborhood, as well as projects led by emerging, local developers looking to build their portfolio—helping to ensure equitable opportunity for neighborhood development.
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Invest Detroit’s small business program is committed to supporting both new and existing locally-owned businesses with loans that support operational and property needs. Our small business team is deeply embedded in Detroit’s small business ecosystem and dedicates an enormous number of hours each year to provide ongoing technical assistance to help our small business owners refine their plans and achieve their business goals.
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Invest Detroit’s Commercial and Industrial program supports larger businesses with the potential to provide a significant number of jobs for Detroit residents. We continue to work with the City of Detroit, Detroit Economic Growth Corporation, and other partners to a create a strategy to better attract these large job-creators.
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ID Ventures scales promising early-stage ventures into thriving companies that help support the state’s economy, provide jobs to local talent, and bolster Michigan’s growing startup community.
Working Together to Achieve 4 Primary Goals
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Our neighborhoods approach focuses our lending tools, relationships, and expertise on targeted neighborhood locations that will catalyze and inspire further growth in surrounding areas. We work with residents to identify priorities and developers who are community-minded. Partnering with the City of Detroit, neighborhood leaders and associations, among others, we are working to bring proven tools into ten targeted neighborhoods through the Strategic Neighborhood Fund.
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Increasing the population of Detroit by attracting and retaining residents means fewer vacant buildings, safer neighborhoods, and a stronger local economy. We prioritize mixed-use projects that provide affordable housing so that residents at all income levels have a place to call home.
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Supporting businesses over a range of sectors helps to create a wide range of opportunities for Detroit residents at all stages of their education or career paths. Local businesses can provide jobs to residents without cars, cut down on commute times for busy parents, promote walkable neighborhoods, and improve the local economy. Our programs work together to support local entrepreneurs who are creating new jobs or retaining existing jobs within the city.
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Equitable access is a thread that runs through all of our programs and goals. Our vision is a Detroit for everyone with multi-ethnic and mixed-income neighborhoods where all residents feel safe and welcome and have access to resources and opportunities. Through our real estate work we ensure that we maintain percentages of affordable units in multi-family housing, and we work to identify and support developers of color. In our small business and venture investment work, we actively seek out entrepreneurs that are persons of color, immigrants, female, or Detroit residents.
The People
Invest Detroit Board
Matthew P. Cullen - Chair
Principal and Chairman of the Board, JACK Entertainment
Roderick D. Gillum – Vice Chair
Partner, Jackson Lewis, P.C.
Larry Brinker, Jr.
Chief Executive Officer, Brinker
JoAnn Chàvez
Senior Vice President and Chief Legal Officer, DTE Energy
Antoine M. Garibaldi, Ph.D.
President Emeritus and Distinguished University Professor, University of Detroit Mercy
Wendy Lewis Jackson
Managing Director, Detroit, The Kresge Foundation
Michael (Mike) Land
Southeast Michigan Regional President, Huntington Bank
Former Congresswoman Brenda Lawrence
Richard A. Manoogian (through October 2024) Chairman Emeritus, Masco Corporation
Charles G. (Chip) McClure
Chair, Board Investment Committee
Managing Partner, Michigan Capital Advisors
Paul Mozak
Executive Vice President and Chief Financial Officer, Blue Cross Blue Shield of Michigan
Daniel A. Nissenbaum
Chief Executive Officer, Low Income Investment Fund
Chris Rizik
Chief Executive Officer, Renaissance Venture Capital Fund
Alan S. Schwartz
Chair, Board Audit and Finance Committee
Partner and Vice Chairman, Honigman
Laura Trudeau
Chair, Board Governance and Nominating Committee
Principal, Trudeau Consulting, LLC
David Blaszkiewicz
Ex-Officio Board Member
President and CEO, Invest Detroit
Paul Trulik - Secretary & Treasurer
SVP – Global NFP Division, Quatrro Business Support Services
Donald Kunz - Board Legal Advisor
Partner, Honigman
STAFF
Mike Allan
Vice President, Senior Portfolio Risk Manager
Christine Ambory
Associate Vice President, Portfolio Management
Nate Barnes
Vice President, Neighborhoods
Jason Barnett
Senior Vice President, Lending
David Blaszkiewicz
President and Chief Executive Officer
Prem Bodagala
Senior Vice President, Venture and Director, IDV
Mary Kay Buzolits
Associate Vice President, Portfolio Risk Manager
Ross Campbell
Vice President, Loan Accounting
Keona Cowan
Executive Vice President, Lending
Jacob Diroff
Commercial Corridor Project Manager
Martin Dober
Senior Vice President, Venture and Managing Director, ID Ventures
Deborah Dunbar
Associate Vice President, Portfolio Management
Derek Edwards
Senior Vice President, Lending
Lisa Fetter
Associate Vice President, Credit
Elizabeth Freitas
Senior Vice President, Portfolio Management
Chris Frick (through June 2024)
Chief Financial Officer
Brittany Fritsch
Vice President, Finance and Accounting
Kayla Garner
Associate, Finance and Accounting
Jamie Geary, CPA
Chief Accounting Officer
Amber Gladney
Senior Vice President, Administration and Operations
Patricia Glaza
Executive Vice President, Venture and Managing Director, ID Ventures
Leanna Gonino (through October 2024)
Paralegal
Danielle Graceffa
General Counsel
Lily Hamburger
Director, Business Support Network
Jennifer Hayes
Senior Vice President, Operations and Policy
Saul Hernandez
Associate Vice President, Credit
Maureen İçke-Anway
Senior Vice President, Impact
Kathi Kucharski
Vice President, Grants Administration
Siarra Langlois
Associate, Loan Accounting
Carrie Lewand-Monroe
Chief Operating Officer
Belvin Liles
Venture Innovation Associate
Colleen Mattia
Vice President, Credit and Special Projects
Fred Paul
Associate Director, Business Support Network
Lisa Phoenix
Associate Vice President, Portfolio Management
Nicholas Pohl
Senior Vice President, Credit and Portfolio Risk Management
Jeff Ponders II
Principal, Portfolio Success, ID Ventures
Lee Rawlings
Senior Vice President, Venture and Managing Director, IDV
Jermaine Ruffin
Senior Vice President, Neighborhoods
`Tember Shea
Portfolio Manager, ID Ventures
Naomi Smith
Associate Vice President, Neighborhoods
Michael R. Smith
Senior Vice President, Neighborhoods and Development Officer
Briana Taylor
Associate Lender, Lending
Cristina Thibodeau
Executive Assistant to the President and CEO
Eric Thomas
Senior Vice President, External Relations
Jessica Vallis
System Administrator
Marcia Ventura
Senior Vice President, Lending
Mike Vieregge
Senior Vice President, Lending
Mayra Villarreal-Martinez
Small Business Support Manager
Rachel Wilson
Associate, Administration and Operations
Jason Zalewski
Vice President, Lending
Councils
CDE BOARD
Keona Cowan – Chair
Invest Detroit
Camille Walker Banks (through July 2024)
LISC Detroit
Kenyetta Bridges (through July 2024)
Detroit Economic Growth Corporation
Kenita Harris
Jefferson East, Inc.
Richard Hosey (through February 2025)
Hosey Development LLC
David Howell
Detroit Economic Growth Corporation
Donald Rencher
Hudson-Webber Foundation
OVERSIGHT COUNCIL
Thomas Lakocy
J.P. Morgan Securities, LLC (Retired)
Denise Lewis (through August 2024)
Honigman (Retired)
Gregory Nelson
Pulte Corporation (Retired)
Aaron Seybert
The Kresge Foundation
Eliot Stark
IDV Investment COUNCIL
Chris Rizik – Chair
Renaissance Venture Capital Fund
Dave Blaszkiewicz
Invest Detroit
Martin Dober
Invest Detroit
Adrian Fortino
Mercury Fund
Patricia Glaza
Invest Detroit
INVESTMENT COUNCIL
Kenyetta Bridges (through June 2024)
Detroit Economic Growth Corporation
Melinda Clemons
Enterprise Community Partners
Freddie DuBose
PAINIA Development Corporation
Phillip Goy
Tara Strategic Advisors LLC
Steven Hilfinger
Foley & Lardner LLP (Retired)
Jed Howbert
David Howell
Detroit Economic Growth Corporation
Joel Kellman
Dykema Gossett PLLC (Retired)
Tom Lakocy
J.P. Morgan Securities, LLC (Retired)
Denise Lewis (through August 2024)
Honigman (Retired)
Gregory Mickens
Gregory Nelson
Pulte Corporation (Retired)
Michael Rhodes
JPMorgan Chase & Co.
David Schostak
Schostak Brothers & Co.
Eliot Stark
Tosha Tabron
The Kresge Foundation
Martin West
Plante Moran Realpoint Investment Advisors (Retired)
Joseph Zayance
Horizon Bank
ADVISORY COUNCIL
James S. Bernacki
Comerica Bank (Retired)
Ken Elkins
Black Leaders Detroit
Stacy Esbrook
Michigan Community Capital
Sean Gray
Detroit Economic Growth Corporation
Bryan Hogle
The Kresge Foundation
George Jacobsen
William Davidson Foundation
Michael B. Shaw
Hudson-Webber Foundation
Paul Trulik
Quatrro Business Support Services
Nathaniel L. Wallace
Michigan Central
Ray Waters
Detroit Development Fund
FUNDERS
Special thanks to our community of philanthropic and corporate supporters who make this critical work possible.
Ally Charitable Foundation
Blue Cross Blue Shield of Michigan
Community Development Financial Institutions Fund
Community Foundation for Southeast Michigan/New Economy Initiative
Detroit Diesel
Detroit Economic Growth Corporation
First Merchants Foundation
Ford Foundation
Gilbert Family Foundation
Huntington Bank
Michigan Economic Development Corporation
Ralph C. Wilson Jr. Foundation
Skillman Foundation
TC Energy
The Kresge Foundation
U.S. Department of Housing and Urban Development