Call this year's Live Midtown incentive program a roaring success -- after just eight months, roughly $1 million put up by three anchor institutions (Wayne State, the DMC and Henry Ford Health System) is committed, and new applications are on hold.
That's all gravy to the 197 new Detroit residents who've taken advantage of the incentives to buy, rent or fix up properties in Midtown, New Center and Woodbridge. But high occupancy rates (approaching 95 percent) in Midtown and the CBD have stymied potential newcomers like WDET afternoon host Travis Wright, who'd like to move but can't find a vacancy.
"I love these incentives," Wright said this week. "It's just frustrating that there's not a whole lot of options for 1,300 square feet for $1,300 a month. I'd totally jump on it. It's just not there."
Listen up, developers. It's time to get bullish on Detroit again. Restore, rehab and build, build, build!