Ford Teams up with Stephen Ross to Invest $27.5M in Platform Projects throughout Detroit
Billionaire developer Stephen Ross and the New York-based Ford Foundation are teaming up with The Platform LLC to make a $27.5 million investment in bringing housing to Detroit neighborhoods.
Ross, a Detroit native and New York real estate developer who also owns the Miami Dolphins, announced a $7.5 million investment and the Ford Foundation a $10 million investment during the Detroit Homecoming event Thursday night at the Detroit Film Theatre at the DIA.
Their investments add to $10 million from The Platform, a development company formed by Peter Cummings and Dietrich Knoer.
The Platform Neighborhood Initiative is bringing affordable housing, plus market-rate apartments, to areas outside of the significant development that's already taken place in the downtown and Midtown areas. Neighborhoods targeted for the projects include Islandview, Brightmoor/Old Redford, Live6, New Center, TechTown, Milwaukee Junction, North End, Eastern Market and the Riverfront...