Founded by a $2.5M, 2-year grant by the New Economy Initiative received in 2008 and launched in 2010. Administered by the Detroit Economic Growth Association (DEGA), the nonprofit arm of the Detroit Economic Growth Corporation. The goal of the fund is to support business that want to move to the lower Woodward Corridor by funding renovations, new equipment, furniture, and other buildouts.
The goals of the fund are:
- The addition of 125,000 sq. ft. of creative business real estate in the creative corridor by 2013
- A minimum of 400 new creative jobs in the creative corridor by 2013
- Increased residential and retail activity in the creative corridor
Grants Given
2011
- $300,000 to GalaxE.Solutions to install specialty equipment, furniture, and furnishings at 1001 Woodward.
- $120,000 to the Harmonie Park Media Group to equip a media center in the Paradise Valley Cultural and Entertainment District.
Sources
- Creative Corridor Incentive Fund
- Startup News: Creative Corridor launches $2.5M incentive fund. ModelD Media. 29 June 2010.
- Creative Corridor Incentive Fund preps to award more grants. ModelD Media. 17 May 2011.
