A few weeks ago NPR had an interesting feature titled Despite Tough Times, Some See Opportunity In Detroit that looked at how Detroit’s dramatic downturn has created some amazing opportunities for starting businesses.
Phil Cooley says the city is wide open for new ventures and is tolerant of his mistakes and successes. “It’s lovely to be able to afford to do that here, one, because the community is so forgiving. And two, because it’s less expensive than other places. So it’s affordable,” he says.
Music producer Chris Koltay was drawn to Detroit from Cincinnati by the vibrant music scene and the cheap real estate. He says he knew he could afford a whole building. He found one across the street from Slows for just $38,000. The recording studio is packed with guitars, keyboards and microphones.
Koltay has made a loft in the back of the building and for a year lived there without hot water. “It was gnarly, but whatever. Now I’m golden. And it’s so wide open, and I think that’s beautiful. I’ve never seen a city that has this kind of opportunity for growth, and I think that’s beautiful,” he says.
Check out some Detroit commercial real estate listings from Loopnet, follow the Detroit rebirth via Model D and get links from Absolute Michigan’s Real Estate & Development section for Southeast Michigan.
Investors find real estate gold in Detroit from CNN explores a similar phenomenon in the Detroit housing market.