[animatedmartian]

Kresge adding support for development along Woodward.

$30.25 million Kresge, NCB Capital fund will support Woodward Avenue real estate investments
September 17, 2013

By Amy Haimerl

The Kresge Foundation and Arlington, Va.-based NCB Capital Impact announced a new $30.25 million fund to support Detroit real estate projects along Woodward Avenue between downtown and New Center.

With the support of MetLife Inc., PNC Bank, Prudential, Calvert Foundation, Living Cities, and the Max M. & Marjorie S. Fisher Foundation, it will be funding mixed-use, mixed income, transit-oriented developments.

"By engaging major foundations and commercial lenders, our work will break the traditional mold of community development financing," said Terry Simonette, president and CEO of NCB Capital Impact, about the Woodward Corridor Investment Fund.

Loans will range from $500,000 to $5 million, with priority for those projects that can be started in 2014. The fund will begin accepting applications on Oct. 1 and will make initial approvals by the end of the year.

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http://www.crainsdetroit.com/article...oodward-avenue

Also, in relation to the Monroe Block, building plans are expected to be released this Thursday.