DETROIT — Billionaire developer Stephen Ross and the Ford Foundation are part of a $27.5 million effort to help revive Detroit neighborhoods.
Crain’s Detroit Business reports the owner of the Miami Dolphins on Thursday night announced a $7.5 million investment in the project that also includes $10 million from the Ford Foundation. Their investments add to $10 million from The Platform LLC, a development company.
The Platform Neighborhood Initiative is working to bring affordable housing and market-rate apartments to areas of Detroit that haven’t seen the biggest redevelopment efforts.
The announcement came during the fourth annual Detroit Homecoming, an event to bring in professionals with Detroit ties in hopes of convincing them to invest or reinvest in the city. Ross earned his law degree from Wayne State University in Detroit.
Information from: Crain’s Detroit Business , http://www.crainsdetroit.com