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Stephen Ross, Ford Foundation to invest millions in Detroit neighborhood housing projects

An old nursing home acquired by The Platform in the neighborhood of Islandview

Earlier this year, we covered The Platform, a development firm that's investing millions of dollars outside the 7.2 square miles of greater downtown, and trying to be inclusive at the same time. 

Two major backers have clearly been encouraged by the work, and are inventing huge sums of money in the project. According to Crain's Detroit Business, billionaire Stephen Ross and the Ford Foundation have pledged $7.5 million and $10 million respectively towards The Platform Neighborhood Initiative. The Platform itself has pledged an additional $10 million, bringing the total to $27.5 million. 

"Each of the three investors bring something," write Kirk Pinho and Sherri Welch. "The Platform with the neighborhood development plan, the Ford Foundation with its mission-related investment and broader strategy to support equitable revitalization in Detroit, and Ross with a connection to his hometown and the ability to influence future investment."

Echoing statements made by The Platform executives about equitable development, Xav Briggs, vice president of economic opportunity for the Ford Foundation, said that "investments that displace people from a place they call home are anything but positive."

The Platform has development projects in the works throughout the city. While its most notable purchase was the Fisher Building in New Center, The Platform also does work in Islandview, North End, Live6, and more. They're also one of the development leads, along with Century Partners, on The Fitzgerald Revitalization Project, a massive housing project in northwest Detroit. 

Read the full Crain's article here
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