While Detroit has certainly been facing an uphill battle in its attempt to resurge, anyone who has been in the downtown area in recent years can assert that the new energy and hope for the city is palpable.
A new report called “7.2 Sq Mi,” in reference to the size of the greater downtown area (including Midtown, New Center, Eastern Market, Corktown, and others), has identified its geography as more diverse, wealthier, and more educated than the city as a whole.
This is important not just for bragging rights, but to coerce potential investors to commit to a city that is in desperate need for additional shareholders. To see the facts on paper that the downtown area is one worth fighting for is a key component of convincing the rest of the world that the Motor City is a valuable commodity.
The report defines itself as “the data story of a physically and economically changing place. It is a snapshot that captures current information on residing, working, employing, visiting, living, playing, and investing in Greater Downtown. While a celebration of progress, it also acknowledges continued challenges and reveals potential opportunity.”
The Detroit Free Press breaks down the 79-page report, mentioning that downtown’s income, education and diversity levels are higher than the city as a whole, apartment rentals are largely in demand - with occupancy rates in the high 90 percentile - and the 7.2 square miles in question has faced a dwindling population at a much slower rate than the rest of the city.
The article reports that Katy Locker, VP of the Hudson-Webber Foundation stated that “things are changing in greater downtown, and we needed to have a baseline of information that accurately depicted things for potential investors.”
Hopefully the more good news for the city means more venture capitalists to its rescue.
Read the full “7.2 Sq Mi” report here.