A national business magazine drops timely recognition of good news in Detroit on the first day of emergency financial management.
Forbes points to the city as an example of what it calls, with more than bit of hyperbole, "America's Most Surprising Real Estate Boom." That's headlinese for downtown residential development.
As more Americans, particularly college-educated young adults ages 25 to 34, opt for urban lifestyles, cities scramble to revitalize their central business districts.
Detroit is in notable company, with New York, LA, Atlanta and Denver also cited as boom cities. In all, 15 places make the cut, including Grand Rapids. Chicago and Boston aren't in the club, so it's more selective than a dozen-plus roster may suggest.
The Detroit page in the magazine's slide show credits the usual uber-landlord and other corporate heroes:
Detroit's downtown is transforming in large part thanks to billionaire Quicken loans founder Dan Gilbert, who has poured millions into redeveloping the area's commercial real estate, relocating many of his businesses to the area.
In 2011, five companies (Quicken Loans, Blue Cross/Blue Shield of Michigan, Compuware, DTE Energy, Strategic Staffing Solutions) pledged more than $4 million to encourage and aid employees in buying, renting or remodeling homes in the area. It's part of a larger initiative to attract 15,000 young professionals downtown by 2015.
Lee Fisher
The feature's writer, Morgan Brennan, quotes former Ohio Lt. Gov. Lee Fisher, who heads a nonporofit center advising urban areas on economic development:
“The cities that capture the mobile, college-educated ‘young and restless’ are the ones who are most likely to revitalize their downtowns and accelerate economic progress.”
-- Alan Stamm
