Kirk Pinho reports in Crain's Detroit Business that 50 private investors, entrepreneurs and Pontiac supporters are forming an investment pool to spend between $40 million and $50 million on a series of redevelopment projects for the historic but underused downtown area being rebranded as Indian Hill.
The redevelopment — expected to take about three years and involve more than a dozen historic buildings owned or controlled by the investors — would be the latest in a spate of new projects for a city that just a year ago emerged from under four years of emergency manager control after swimming in tens of millions in debt.
But it would be among the first large investments downtown, which is only about one square mile in size.
"This is a grass-roots plan the likes we have never seen," said project investor Matt Farrell, executive principal of Birmingham-based Core Partners Associates LLC.
