The Gilbert Family Foundation said Thursday it is making a $15 million investment to kick off the third phase of Detroit’s Strategic Neighborhood Fund.
The grant from the Gilbert Family Foundation is part of the organization’s 10-year, $500 million joint commitment with Rocket Community Fund announced in 2021.
“The Strategic Neighborhood Fund has a proven track record of deep, coordinated neighborhood investment that has resulted in notable decreases in poverty and residential vacancy in all 10 of their target neighborhoods,” Laura Grannemann, executive director of the Gilbert Family Foundation, said in a statement. “We are proud to build on this momentum and support inclusive economic growth for all Detroiters in partnership with the City of Detroit, Mayor Mike Duggan and Invest Detroit.”
The city and nonprofit Invest Detroit launched the Strategic Neighborhood Fund in 2016 to kick-start redevelopment in 10 neighborhoods across the city. Those neighborhoods are: Jefferson Chalmers, Warrendale/Cody-Rouge, Campau//Davison/Banglatown, East Warren/Cadieux, Grand River Northwest, Gratiot/Seven Mile, Russell Woods/Nardin Park, Islandview/Greater Villages, Southwest/Vernor and Livernois-McNichols.
During its first two phases the fund has raised $75 million, matched by $110 million in public sector funding, officials said. The program has leveraged more than $262 million in investments resulting in 78,000 square feet of new retail space; the creation of 12 streetscapes; dozens of new and rehabbed affordable and market rate housing units and five renovated parks, with six more parks under construction.
“On behalf of the residents of Detroit, I would like to thank Gilbert Family Foundation for this tremendous commitment to continue the important work that the SNF is doing in so many neighborhoods across the city,” Duggan said in a statement. “The SNF has already made an incredible impact, and it is my hope that others will join them by investing in SNF 3.0 and the ongoing revitalization of our neighborhoods.”
Dave Blaszkiewicz, president and CEO of Invest Detroit, said investments from organizations like the Gilbert Family Foundation have led to growth in neighborhoods including more jobs, small businesses, improved streetscapes and better recreational opportunities.
“There is more work to do, and this gift allows us to continue that momentum, leading to even more opportunity and equitable growth in Detroit,” he said. “We are truly thankful for their support, and their commitment to Detroit’s future.”
cwilliams@detroitnews.com
@CWilliams_DN