Founded with a focus on investing in Detroit’s communities and creating increased access to housing opportunities for its residents, Develop Detroit last month officially launched. Led by Detroit native Sonya Mays, the mission-driven, nonprofit development firm was founded in 2015 with the support of significant investments from JPMorgan Chase, Ford Foundation and The Kresge Foundation. Develop Detroit is a social enterprise of the Boston-based Housing Partnership Network, which works nationally to build and preserve affordable housing options through partnerships with its member organizations.
“After more than a year spent building this business and raising the funds to make it a reality, I am thrilled to introduce it to the community,” said Sonya Mays, Develop Detroit CEO. “The support of our funding partners has truly been a game-changer for Develop Detroit. It has allowed us to build an exceptionally talented team with broad experience developing high-quality, inclusive communities. Develop Detroit looks forward to both renovating existing housing stock and building new high-quality housing options, particularly outside of the downtown and midtown areas where much of the investment energy is currently focused.”
Headquartered in downtown Detroit, the Develop Detroit team is headed by Mays, who returned to Detroit from New York City, where she worked as an investment banker at Deutsche Bank to serve as a senior adviser to Emergency Manager, Kevyn Orr. Following her tenure with the emergency manager’s office, Mays began to map out plans for Develop Detroit. She spent the better part of the past year carefully building a team with a diverse set of experiences in the housing, startup and design sectors, all of whom are Detroit or Michigan natives. The team includes:
· Ben Phillips, a 20-year community development veteran real estate executive who serves as vice president of real estate. Prior to joining Develop Detroit, Phillips held a variety of executive and managerial positions for Mercy Housing, one of the nation’s largest multifamily residential developers and owners.
· Latrice Davis, a senior associate and Cass Tech graduate, who returned home from New York after working in varying operations, business development and account management roles for 1stdibs, AlleyNYC and Lean Startup Machine, all startups in New York’s Silicon Alley.
· Oren Brandvain, a metro Detroit native who serves as a project analyst providing assistance in the conceptualization, analysis, and management of the development process for Develop Detroit’s real estate developments.
· Michael Appel, a project manager and accomplished housing advocate with over 30 years of prior experience as an executive and lead developer at Ann Arbor’s Avalon Housing.
Develop Detroit will focus on underserved neighborhoods in the city. The full-service real estate development firm is committed to building high-quality homes for all Detroiters, including market rate options for both buyers and renters, and housing for seniors and the chronically homeless. Using a public-private partnership model, Mays charted a strategy that allows Develop Detroit to deliver results to communities that reflect their needs and desires. Its projects will be citizen-inspired but will also be powered by a team of professionals that bring corporate acumen to the table for every development. Develop Detroit is presently building its pipeline which will ultimately include a wide range of mixed-use residential and commercial projects, including existing homes and apartment complexes as well as ground-up developments that integrate housing and community-based businesses. The organization is expected to roll out its first development project later this year.
This week, JPMorgan Chase announced the two-year anniversary of the financial institution’s five-year, $100 million commitment to support and advance Detroit’s economic recovery – specifically highlighting JPMorgan Chase’s $4 million investment in Develop Detroit.
“As the city works to increase property value and tackle blight, we must also continue to build and preserve affordable housing in Detroit’s neighborhoods,” said Daryl Shore, Vice President, JPMorgan Chase Global Philanthropy. “With our support, Develop Detroit will help the city’s recovery be more inclusive.”
The $4 million investment in Develop Detroit helped to launch the organization and aided in Mays’ talent recruitment and project attraction efforts. Its support and that of both The Kresge Foundation and Ford Foundation are key the organization’s continued growth.
“The equitable recovery of Detroit is paramount, not only for the city’s residents, but to also set an example of what happens when the community has a stake in a place. That’s critical to ensure that investments in development reach the full spectrum of residents,” said Xavier de Souza Briggs, vice president of Economic Opportunity and Markets at the Ford Foundation. “We see our partnership with Develop Detroit and the Housing Partnership Network as a key investment in providing quality affordable housing to those who need it most throughout the city.”
To keep up with Develop Detroit’s projects or to find additional information about the firm, visit www.developdetroit.org.
About Develop Detroit
Develop Detroit is a mission-based, non-profit development firm that focuses on real estate and housing opportunities in Detroit. Sponsored by the Housing Partnership Network, the organization was founded in 2015 with a mission to build vibrant and resilient communities and expand opportunities for residents in Detroit. The organization maintains partnerships with numerous organizations that have expanded their development pipeline including: Invest Detroit, NeighborWorks America, Capital Impact Partners, IFF, the Detroit Land Bank Authority, The City of Detroit, and Loveland Technologies. The scope of Develop Detroit’s projects includes mixed-income multifamily residential, single family homes, mixed-use and commercial properties, community service facilities, supportive housing for those who are homeless, and educational and cultural centers.
About Housing Partnership Network
For more than 20 years, HPN has evolved as an award-winning business collaborative and Community Development Financial Institution for 100 of the nation’s leading affordable housing and community development nonprofits. The HPN network of high-capacity organizations has developed or rehabilitated 350,000 affordable homes, financed an additional 500,000 homes and apartments, provided homeownership counseling to more than 750,000 families, and deployed more than $10 billion of community development capital. HPN members have been the go-to partners in local communities around the country, creating and executing innovative strategies to help millions of people gain access to affordable homes in healthy neighborhoods.
