Since 2000, the City of Detroit has experienced economic hardship and as a result, total population has decreased 25.2% (U.S. Census Bureau, 2010). This has directly impacted the Detroit housing real estate market. Total vacant housing units were estimated to be 118,944 or 14.5% and of those units, 68,000 or 58.0% were considered non-occupied (U.S. Census Bureau, 2010).
How do you address this issue? Research has suggested that inner city revitalization occurs by the development of society wealth, joint collaboration and joint cooperation.
The magnitude of each contribution is tremendous. It will allow us to purchase vacant residential and commercial real estate in the City of Detroit and, most importantly, the reconstruction of such properties in order for them to be transformed into a livable and operational standard. After the reconstruction and redevelopment, each property will be leased out to the residents that reside in Detroit and to companies that relocate to Detroit – contributing to society wealth.
The Venture Board, LLC is committed to help redevelop the City of Detroit. However, working alone is not enough. The only way to transform Detroit to what it was is through joint collaboration and cooperation. We need not to just redevelop vacant real estate, but also enrich the values of the citizens so that true, inner city development can commence.