This post originally appeared on the JSDA blog 6/23/2011
A few months ago, Wayne State University, Henry Ford Health Systems (HFHS) and the Detroit Medical Center joined together to announce an incentive program designed to entice their employees to move into a district in Detroit known as Midtown. At a media briefing last Monday, Robert Rinney from HFHS announced that 72 of their employees have been approved for the Live Midtown incentives, while Allan Gilmour from Wayne State noted that 28 university employees have been approved.
The founder of Quicken Loans, Dan Gilbert intimated to the media that his company is considering a similar incentive for his employees, and the Detroit News reports that companies like Compuware and Blue Cross Blue Shield of Michigan are considering the same thing.
The decline in Detroit’s population has been much publicized and the reasons why are always debated. What goes overlooked is the fact that the city’s Midtown, Corktown and downtown districts have been gaining population, notably in the 18-35 demographic with college educations and stable paychecks. In fact, both Rinney and Gilmour noted that they are hearing that there is a lack of suitable two bedroom apartments for lease in the Live Midtown district.
This type of activity has us excited about the potential for Detroit Real Estate and the prospects for our investors who are working in these neighborhoods.