(FOX 2) – The Kresge Foundation is moving its operations as the nonprofit which oversees $4 billion in philanthropy lays out new investments and new commitments.
The announcement about plans to relocate its headquarters to Detroit comes alongside $180 million in future plans for several neighborhoods in the northwest corridor.
Currently based in Oakland County, Kresge will shift to the former Marygrove College in hopes of working more intimately with communities that it has tens of millions of dollars planned for.
Big picture view:
Kresge’s current headquarters are based in Troy, working out of a building that was reconstructed in 2006. It will eventually move to the Marygrove Conservancy site near Wyoming and McNichols for a planned opening in 2028.
Planning for the 70,000 square-foot facility will serve as the base of operations for the foundation’s 130 employees.
Kresge is also committing five years-worth of funding for several projects in the Fitzgerald, Bagley, University District, and Martin Park neighborhoods.
In those locations, Kresge will spend $180 million on helping stabilize housing in the area, boost ownership, improve the commercial corridor by adding more public spaces and providing more grant funding for residents and businesses.
Dig deeper:
A big chunk of the money it wants to spend will be promoting aspects of owning a home. That means repairing houses, building wealth, enhancing the nearby physical space, as well as providing rental assistance.
The money is also going to a fund that will focus on tax relief and beautifying the neighborhood. Done in partnership with Live6 Alliance and Kresge, the Resident Investment and Opportunity Fund will prioritize:
- Vacant land stewardship, beautification and side lot activation
- Resources for home maintenance, critical repairs and accessibility improvements
- Property tax relief
- Support for renters
There are also plans to extend the Ella Fitzgerald Greenway eastward to Livernois, as well as enhancing Ella Fitzgerald Park.
The Source: The Kresge Foundation announced the new funding and relocation of its headquarters in a press release.
