From left: Malinda Jensen, senior VP of Gov. Affairs, DEGC; Ellis Carr, president and CEO, Capital Impact Partners; Greg Tedder, executive vice president and chief community development and marketing officer, MEDC; Peter Scher, head of corporate responsibility, JP- Morgan Chase & Co.; Matthew Hessler, 7.Liv owner and developer; Detroit Mayor Mike Duggan; Roy McCalister Jr., City Council District 2; and Marcia Ventura, senior vice president, Invest Detroit, celebrate the Livernois – 7 Mile groundbreaking.
Mixed-use redevelopment along the Livernois Avenue of Fashion to open in 2019
JPMorgan Chase, Capital Impact Partners, Michigan Economic Development Corporation, Invest Detroit and the Detroit Economic Growth Corporation (DEGC) helped Mayor Mike Duggan and local property developer Matthew Hessler break ground on an $8.3 million project located at 19031 Livernois Avenue. The revitalized building will serve as a retail anchor and catalyze inclusive economic development along Detroit’s Avenue of Fashion.
The financing, provided by Capital Impact and JPMorgan Chase’s $30 million Detroit Neighborhoods Fund, the Michigan Strategic Fund, Invest Detroit, DEGC and Hessler, will be used to redevelop three former retail stores into a mixed-use development. Formerly the old B. Siegel department store, 7.Liv will include 10 residential units, three of which will be affordable at 80 percent of the Area Median Income, as well as 20,500 square feet of commercial storefront and 29 underground parking spaces. Hessler has partnered with Jones Lang LaSalle to broker the commercial and retail spaces below the residential units.
JPMorgan Chase, Capital Impact Partners, Michigan Economic Development Corporation, Invest Detroit and the Detroit Economic Growth Corporation (DEGC) helped Mayor Mike Duggan and local property developer Matthew Hessler break ground on an $8.3 million project located at 19031 Livernois Avenue. The revitalized building will serve as a retail anchor and catalyze inclusive economic development along Detroit’s Avenue of Fashion.
The financing, provided by Capital Impact and JPMorgan Chase’s $30 million Detroit Neighborhoods Fund, the Michigan Strategic Fund, Invest Detroit, DEGC and Hessler, will be used to redevelop three former retail stores into a mixed-use development. Formerly the old B. Siegel department store, 7.Liv will include 10 residential units, three of which will be affordable at 80 percent of the Area Median Income, as well as 20,500 square feet of commercial storefront and 29 underground parking spaces. Hessler has partnered with Jones Lang LaSalle to broker the commercial and retail spaces below the residential units.
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