JPMorgan Chase’s Investment in Detroit Starting to Pay Off
- Sep 18, 2015
Detroit—Mayor Mike Duggan and JPMorgan Chase’s Jamie Dimon joined representatives of PK Housing & Management, Midtown Detroit Inc., Capital Impact Partners, Invest Detroit and Detroit Economic Growth Corp. to celebrate the grand opening of the newly renovated Rainer Court Apartments.
The four-story building sitting at 711 E. Alexandrine St. also marks the first finished project backed by JPMorgan Chase’s $100 million commitment to the recovery of Detroit. The five-year plan kicked off in 2014 and aims to support, accelerate and scale some of the most innovative efforts that work to improve the city’s economy.
In spring 2014, the 36,555-square-foot property was purchased for $535,000 by the family-owned PK Housing, who immediately started renovating the building. At the time of sale, the property consisted of 56 units ranging in size from 250 to 500 square feet and was 40 percent occupied.
Now, after a $6 million renovation with financial help coming from JPMorgan Chase’s program, the Rainer Court Apartments boasts 36 new housing units for students and young professionals, as well as 1,800 square feet of street-level retail space. Rents at the renovated building—which will be open to public in November—will vary from $750 to $1,300 per month.
“Rainer Court is a great example of how the right kind of capital, partnerships and deep community expertise can produce quality housing for Detroit’s hardworking residents. From Midtown to the neighborhoods, we’re excited to see our investments continue to catalyze Detroit’s recovery,” said Jamie Dimon, chairman and CEO of JPMorgan Chase.
Image via Rainer Court Apartments’ Facebook Page