Detroit’s Avenue of Fashion: A Revitalized Hub for Rental Investors
Detroit’s Avenue of Fashion is undergoing a renaissance. For rental investors seeking opportunities in a vibrant community steeped in history, the surrounding neighborhoods might be worth looking into.
Stretching along Livernois Avenue from Eight Mile Road to Seven Mile Road, this area is not just a shopping district but a testament to resilience and community-driven growth.
Let’s take a look at what this $18M development project has done for the area, and what it means for Detroit landlords.
A Historic Comeback
Historically known as a bustling retail destination in the 1950s and 1960s, the Avenue of Fashion attracted Black Americans with disposable incomes.
Over the years, economic downturns led to a decline, but the past decade has seen a dramatic turnaround.
Today, the district is flourishing again, driven by an influx of new businesses and a strong community spirit.
The Impact of the Streetscape Project
A pivotal factor in this resurgence was the completion of a large-scale streetscape project in 2020.
The $18 million initiative widened sidewalks, added bike lanes, and integrated stormwater management, significantly enhancing pedestrian access and safety.
Entrepreneur Rufus Bartell, a key figure in the area’s revival, told Crain’s Detroit, “That streetscape project was a game changer,” allowing for outdoor programming and cafe-style restaurants to develop in the area.
That pedestrian-friendly revamp was just the beginning.
A Hub for Black-Owned Businesses
The Avenue of Fashion is now home to a myriad of independent, Black-owned businesses.
As DEGC Vice President Sean Gray noted, “These shops and restaurants are not just businesses. They’re our neighbors, our history, and a big piece of our future.”
The Motor City Match program has also supported this growth, with 16 cash grant winners opening businesses along Livernois since 2015.
Surrounding Neighborhoods: Prime for Investment
Surrounding the Avenue of Fashion are neighborhoods like Oak Grove, Sherwood Forest, Green Acres, and the University District.
These areas offer a unique blend of historical charm and modern amenities, making them attractive to residents and investors alike. Known for their tree-lined streets and stately homes, these communities are experiencing increased interest due to their proximity to the revitalized Avenue of Fashion and the ongoing improvements in the area.
Rental properties in these neighborhoods could offer steady returns as more people seek to be part of Detroit’s rebirth.
Tales of Perseverance and Opportunity
The area’s cultural and economic vitality is underscored by business owners like Lola Lucania and Kimberly Elise, who have invested in the community despite facing challenges like the pandemic.
Lucania, owner of Lucania Lavish Couture, appreciates the streetscape improvements, saying, “I run a fashion boutique. For me to be able to put the mannequins on the sidewalk and put some of my designs on them makes a big difference.”
A Call to Action for Investors
For rental investors, the Avenue of Fashion presents a unique opportunity.
The district’s growth, driven by community resilience and strategic investments, signals a promising environment for long-term returns. With a rich history and a forward-looking community, investing in this area means becoming part of Detroit’s exciting resurgence story.
Our advice for landlords?
Consider looking into rental units for sale in neighboring communities, like the University District, Sherwood Forest and Green Acres, to make the most out of these developments.
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