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

  • 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.

  • 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.

  • 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.

  • 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

  • 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.

  • 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.

  • 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.

  • 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