2023 ANNUAL REPORT
At Invest Detroit we are driven by a vision: We Are People-First. For over 25 years, we have been dedicated to fostering equity, investment, and wealth generation that directly impacts neighborhoods, communities, and the people who call Detroit and Michigan home.
Our approach focuses on deploying targeted capital and forging strategic partnerships to create tangible benefits for residents, developers, and entrepreneurs. Whether revitalizing neighborhoods, supporting mixed-income housing, or nurturing high-growth startups, our efforts are designed to empower individuals and reimagine what is possible for our communities.
In every initiative, from neighborhood projects to downtown developments and state-wide venture capital, we prioritize bridging funding gaps and advocating for systemic change. Our commitment to dismantling barriers and providing access to historically underserved communities underscores every action we take.
2023 was a landmark year for Invest Detroit, with nearly $53 million deployed. This record-breaking achievement highlights our unwavering dedication to putting people first and driving inclusive, impactful growth that transforms lives and revitalizes our region.
By The Numbers
2023 Key Metrics Across All Programs
$53M deployed
Record yearly deployment
For every $1 invested by Invest Detroit, we attracted another $11.02 of direct outside investment.
$597M leveraged
74 projects and/or businesses supported
1,092 jobs created or retained
76% impact population represented*
*Invest Detroit’s impact population is businesses or projects owned or developed by people of color, immigrants, and women, and startup companies based in Detroit.
2023 Real Estate Activity
$36.2M deployed
$302.3M leveraged
1.2M total SQ FT created
228 housing units created
190 affordable housing units created (80% of all units)
2023 Commercial and Industrial Activity
$4.5M deployed
$444K leveraged
15.7K total SQ FT created
192 Jobs Created or Retained
75% of businesses owned by people of color, immigrants, or women
2023 Small Business Performance
$8.9M deployed
$3.5M leveraged
14 total small businesses supported
79% of businesses owned by people of color, immigrants, or women
2023 ID Ventures Activity
$3.3M deployed
$291M leveraged
27 companies funded
56% are founders of color, women, immigrant, or Detroit-based startup
400 jobs created or retained
Key Metrics Since Inception (1995-2022)
$593.3M deployed
$4.2B leveraged
987 projects and/or businesses supported
16,866 jobs created or retained
8,191,299 Total Commercial/Retail Sq Ft created
5,681 Housing Units Created
1,250 Affordable Housing Units Created
By The Stories
Real Estate
Fisher 21 Lofts & Richard Hosey
At over 100 years old, the historic Fisher Body Plant 21 is shifting gears from building cars to building community. Fisher 21 Lofts, led by Richard Hosey of Hosey Development LLC and Greg Jackson of Jackson Asset Management (JAM), breathes new life into a six-story, 600,000-square-foot factory that has stood vacant since 1993.
The redevelopment will convert nearly 500,000 square feet on over eight acres into 433 residential units, including 63 affordable units, and 44,000+ square feet of commercial and retail space. The plan also features 15,000 square feet of co-working space and parking on adjacent lots.
The development, spearheaded by two Black developers, aims to support minority subcontractors through a working capital support fund. Hosey Development is also the largest investment to date by Ebiara, a partnership between Invest Detroit, Kresge, and Urge Imprint, focused on providing capital for Black and Brown development firms.
Fisher 21 Lofts is providing much-needed housing and commercial opportunities while fostering economic growth and community development.
SMALL BUSINESS
Pink Diamond Beauty Mall
Passion, persistence, perseverance, and…pink define Katrina Belin and her vision for Pink Diamond Beauty Mall. This 9,000-square-foot commercial space on Livernois between 6 and 7 Mile is Michigan's first beauty mall and offers a wide range of services, including hairstyling, manicuring, makeup, and massage, focusing on holistic wellness and self-care. Katrina's journey from foster care to entrepreneurship, inspired by her dedicated foster mother, exemplifies the determination found in Detroit.
The mall is set to expand with the addition of Pink Diamond's Hair Collection and Pink Diamond Couture boutique, further cementing its role as a premier beauty destination in Detroit. Katrina frequently highlights her positive experience with Invest Detroit, crediting their guidance and support as crucial to her success. Pink Diamond represents a core alignment with our mission to support minority and women-owned businesses, foster job creation, and provide affordable services to the local community
ID VENTURES
CircNova
Crystal Brown bills herself as “The most unconventional CEO in Biotech.” After spending a career in automotive and supply chain, she transitioned into biotech. Brown’s unique path combined with her team’s decades of experience in biotechnology brings a unique approach and vision to the industry.
With a passion for developing innovative RNA therapeutics, Crystal has dedicated herself to harnessing the potential of AI to tackle previously undruggable diseases. A commitment to inclusivity and inspiring future biotech leaders characterizes her leadership.
CircNova has developed the AI NovaEngine™ platform, which designs circular RNA structures to expand treatment options for complex conditions like triple-negative breast cancer. This technology represents a significant breakthrough in gene therapy and drug discovery.
ID Ventures, which has provided $350,000 in funding, has been more than just a financial backer for CircNova. Crystal describes the relationship with ID Ventures as a true partnership, highlighting their invaluable strategic support and introduction. This partnership exemplifies the importance of strong, supportive relationships in fostering innovation and growth in the startup ecosystem.
Strategic Neighborhood Fund
Lithuanian Hall
In the heart of Southwest Detroit, Argentine-born Paula Anderanin is bringing a new vision to the century-old, 18,860-square-foot building now known as Candela, formerly Lithuanian Hall.
Reflecting its name, which in Spanish means 'candle' and is slang for something lively or 'on fire,' Candela embodies Anderanin's vision for creating a premier venue for international Latino bands and community events. Her experience in bringing a wide range of Latino acts to various Detroit venues, alongside her commitment to connecting people through art and music, melds perfectly with the building’s long history as a cultural hub for diverse communities, including Lithuanians, exiled Spaniards, and the Latino diaspora.
Candela not only promises to create 22 new jobs but further embeds itself as a cornerstone of Southwest Detroit’s cultural and economic landscape. Through this project, Anderanin is preserving a historic landmark and igniting a new era of cultural engagement and community vitality in Detroit.
FINANCIALS
Invest Detroit Consolidated*
Total Assets
$269,265,627
Portfolio Investments
$146,906,042
Net Assets and Partner's Equity
$182,574,546
2022 Increase in Net Assets
$12,275,563
* Audited Financial Statements for each company consolidated into Invest Detroit available upon request
Operational Highlights
DEPLOYMENT
$53M
NMTC AWARD
$45M
Fundraising
$17.5M
NEW STAFF HIRES
8
Combined Portfolio Composition
ReAl Estate (69%)
$101,471,066
ID Ventures (15%)
$22,260,351
Commercial (8%)
$12,045,420
SMall Business (8%)
11,129,205
About Invest Detroit
A Stronger Detroit through
4 Areas of Focus
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Our real estate program supports both new construction and renovation projects and encompasses our Strategic Neighborhood Fund (SNF) investments. While we continue to support projects in the Greater Downtown, it is through SNF that we expand our tools to mixed-use buildings in neighborhood catalytic commercial corridors. We support both large projects led by experienced developers that will bring affordable housing to a neighborhood, as well as projects led by emerging, local developers looking to build their portfolio—helping to ensure equitable opportunity for neighborhood development.
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Invest Detroit’s small business program is committed to supporting both new and existing locally-owned businesses with loans that support operational and property needs. Our small business team is deeply embedded in Detroit’s small business ecosystem and dedicates an enormous number of hours each year to provide ongoing technical assistance to help our small business owners refine their plans and achieve their business goals.
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Invest Detroit’s Commercial and Industrial program supports larger businesses with the potential to provide a significant number of jobs for Detroit residents. We continue to work with the City of Detroit, Detroit Economic Growth Corporation, and other partners to a create a strategy to better attract these large job-creators.
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ID Ventures scales promising early-stage ventures into thriving companies that help support the state’s economy, provide jobs to local talent, and bolster Michigan’s growing startup community.
Working Together to Achieve
4 Primary Goals
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Our neighborhoods approach focuses our lending tools, relationships, and expertise on targeted neighborhood locations that will catalyze and inspire further growth in surrounding areas. We work with residents to identify priorities and developers who are community-minded. Partnering with the City of Detroit, neighborhood leaders and associations, among others, we are working to bring proven tools into ten targeted neighborhoods through the Strategic Neighborhood Fund.
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Increasing the population of Detroit by attracting and retaining residents means fewer vacant buildings, safer neighborhoods, and a stronger local economy. We prioritize mixed-use projects that provide affordable housing so that residents at all income levels have a place to call home.
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Supporting businesses over a range of sectors helps to create a wide range of opportunities for Detroit residents at all stages of their education or career paths. Local businesses can provide jobs to residents without cars, cut down on commute times for busy parents, promote walkable neighborhoods, and improve the local economy. Our programs work together to support local entrepreneurs who are creating new jobs or retaining existing jobs within the city.
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Equitable access is a thread that runs through all of our programs and goals. Our vision is a Detroit for everyone with multi-ethnic and mixed-income neighborhoods where all residents feel safe and welcome and have access to resources and opportunities. Through our real estate work we ensure that we maintain percentages of affordable units in multi-family housing, and we work to identify and support developers of color. In our small business and venture investment work, we actively seek out entrepreneurs that are persons of color, immigrants, female, or Detroit residents.
The People
Invest Detroit Board
Matthew P. Cullen - Chair
Principal and Chairman of the Board, JACK Entertainment
Roderick D. Gillum – Vice Chair
Partner, Jackson Lewis, P.C.
John Blanchard (through June 2023)
Director of Local Government Relations, General Motors
Larry Brinker, Jr.
Chief Executive Officer, Brinker
JoAnn Chàvez
Senior Vice President and Chief Legal Officer, DTE Energy
Antoine M. Garibaldi, Ph.D.
President Emeritus and Distinguished University Professor, University of Detroit Mercy
Wendy Lewis Jackson
Managing Director, Detroit, The Kresge Foundation
Michael (Mike) Land
Southeast Michigan Regional President, Huntington Bank
Former Congresswoman Brenda Lawrence
Richard A. Manoogian
Chairman Emeritus, Masco Corporation
Charles G. (Chip) McClure
Chair, Board Investment Committee
Managing Partner, Michigan Capital Advisors
Paul Mozak
Executive Vice President and Chief Financial Officer, Blue Cross Blue Shield of Michigan
Daniel A. Nissenbaum
Chief Executive Officer, Low Income Investment Fund
Chris Rizik
Chief Executive Officer, Renaissance Venture Capital Fund
Alan S. Schwartz
Chair, Board Audit and Finance Committee
Partner and Vice Chairman, Honigman
Gary Torgow (through October 2023)
Chairman, The Huntington National Bank
Laura Trudeau
Chair, Board Governance and Nominating Committee
Principal, Trudeau Consulting, LLC
David Blaszkiewicz
Ex-Officio Board Member
President and CEO, Invest Detroit
Paul Trulik - Secretary & Treasurer
SVP – Global NFP Division, Quatrro Business Support Services
Donald Kunz - Board Legal Advisor
Partner, Honigman
STAFF
Christine Ambory
Associate Vice President, Portfolio Management
Nate Barnes
Vice President, Neighborhoods
Jason Barnett
Senior Vice President, Lending
David Blaszkiewicz
President and Chief Executive Officer
Mary Kay Buzolits
Associate Vice President, Portfolio Risk Manager
Ross Campbell
Vice President, Loan Accounting
Keona Cowan
Executive Vice President, Lending
Martin Dober
Senior Vice President, Venture and Managing Director, ID Ventures
Deborah Dunbar
Associate Vice President, Portfolio Management
Derek Edwards
Senior Vice President, Lending
Shannon Ferrini (through October 2023)
Executive Assistant
Lisa Fetter
Associate Vice President, Credit
Elizabeth Freitas
Senior Vice President, Portfolio Management
Chris Frick
Chief Financial Officer
Brittany Fritsch
Associate Vice President, Finance and Accounting
Kayla Garner
Associate, Finance and Accounting
Jamie Geary, CPA
Chief Accounting Officer
Amber Gladney
Senior Vice President, Administration and Operations
Patricia Glaza
Executive Vice President, Venture and Managing Director, ID Ventures
Leanna Gonino
Paralegal
Danielle Graceffa
General Counsel
Lily Hamburger
Director, Business Support Network
Jennifer Hayes
Senior Vice President, Operations and Policy
Saul Hernandez
Associate Vice President, Credit
Maureen İçke-Anway
Senior Vice President, Impact
Paul Jones
Director, Business Support Network
Kathi Kucharski
Vice President, Grants Administration
Siarra Langlois
Associate, Loan Accounting
Carrie Lewand-Monroe
Chief Operating Officer
Kevin Mack II
Associate, Credit
Colleen Mattia
Vice President, Credit and Special Projects
Tiffany Mitchell (through January 2023)
Associate, Portfolio Management
Allison Murdock (through May 2023)
Senior Analyst, ID Ventures
Lisa Phoenix
Associate Vice President, Portfolio Management
Stevan Pirkovic (through October 2023)
Associate, Loan Accounting
Nicholas Pohl
Senior Vice President, Credit and Portfolio Risk Management
Jeff Ponders II
Principal, Portfolio Success, ID Ventures
Jerry Porter, Jr. (through May 2023)
Associate, Loan Accounting
Aditi Rajagopal (through February 2023)
Senior Associate, ID Ventures
Lee Rawlings
Senior Vice President, Venture & Managing Director, IDV
Connor Root (through April 2023)
Associate Vice President, Portfolio Management
Jermaine Ruffin
Senior Vice President, Neighborhoods
`Tember Shea
Portfolio Manager, ID Ventures
Michael R. Smith
Senior Vice President, Neighborhoods and Development Officer
Briana Taylor
Associate Lender, Lending
Cristina Thibodeau
Executive Assistant
Eric Thomas
Senior Vice President, External Relations
Jessica Vallis
System Administrator
Marcia Ventura
Senior Vice President, Lending
Mike Vieregge
Senior Vice President, Lending
Rachel Wilson
Associate, Administration and Operations
Jason Zalewski
Vice President, Lending
Committees
CDE BOARD
Keona Cowan – Chair
Invest Detroit
Camille Walker Banks
LISC Detroit
Kenyetta Bridges
Detroit Economic Growth Corporation
Kenita Harris
Jefferson East, Inc.
Susan Mosey
Midtown Detroit, Inc.
INVESTMENT COMMITTEE
Kenyetta Bridges
Detroit Economic Growth Corporation
Melinda Clemons
Enterprise Community Partners
Freddie DuBose
PAINIA Development Corporation
Phillip Goy
Tara Strategic Advisors LLC
Steven Hilfinger
Foley & Lardner LLP
Jed Howbert
Greatwater Opportunity Capital LLC
Joel Kellman
Dykema Gossett PLLC (Retired)
Tom Lakocy
J.P. Morgan Securities, LLC (Retired)
Denise Lewis
Honigman (Retired)
Gregory Mickens
Edward Jones
Gregory Nelson
Pulte Corporation (Retired)
Michael Rhodes
JPMorgan Chase & Co.
David Schostak
Schostak Brothers & Co.
Eliot Stark
Tosha Tabron
The Kresge Foundation
Joseph Zayance
Horizon Bank
OVERSIGHT COMMITTEE
Thomas Lakocy
J.P. Morgan Securities, LLC (Retired)
Denise Lewis
Honigman (Retired)
Gregory Nelson
Pulte Corporation (Retired)
Aaron Seybert
The Kresge Foundation
Eliot Stark
ADVISORY COMMITTEE
James S. Bernacki
Comerica Bank (Retired)
Ken Elkins
Black Leaders Detroit
Stacy Esbrook
Michigan Community Capital
Sean Gray
Detroit Economic Growth Corporation
Bryan Hogle
The Kresge Foundation
George Jacobsen
William Davidson Foundation
Malinda L. Jensen (through March 2023)
Detroit Economic Growth Corporation
Michael B. Shaw
Hudson-Webber Foundation
Paul Trulik
Quatrro Business Support Services
Nathaniel L. Wallace
Michigan Central
Ray Waters
Detroit Development Fund
Susan Mosey - Program Partner Representative
Midtown Detroit, Inc.
Robert Gregory - Program Partner Representative†
Downtown Detroit Partnership
IDV Investment COMMITTEE
Chris Rizik – Chair
Renaissance Venture Capital Fund
David Blaszkiewicz
Invest Detroit
Martin Dober
Invest Detroit
Adrian Fortino
Mercury Fund
Patricia Glaza
Invest Detroit
FUNDERS
Special thanks to our community of philanthropic and corporate supporters who make this critical work possible.
American Axle Manufacturing
Ballmer Group
Bank of America
Blue Cross Blue Shield of Michigan
Economic Development Administration
Fifth Third Foundation
First Merchants Bank
Flagstar Foundation
Ford Foundation
Hudson-Webber Foundation
Huntington BankThe Gilbert Family Foundation
The Kresge Foundation
Michigan CDFI Fund
Michigan Central
Michigan Economic Development Corporation
New Economy Initiative
Penske Corporation
Ralph C. Wilson Foundation
Small Business Administration
Stroh Companies
The Skillman Foundation