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

  • 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.

  • 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.

  • 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.

  • 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

  • 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.

  • 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.

  • 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.

  • 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