"We are seeing a lot of activity in developing lofts around the Compuware area," says Byna Elliott, vice president and senior affiliate risk officer for Fifth Third Bank of Eastern Michigan. Community development activities fall under Elliot's area of responsibility at the bank.
"Lofts fit very nicely with the profile of many of Compuware workers," she notes. "That's generating a lot of new construction and refurbishment in that area."
Elliott reports Fifth Third is negotiating with developers on financing an office building redevelopment project near the Compuware headquarters.
"General Motors moving their headquarters to the Renaissance Center was the cornerstone of the rebirth of Downtown. Now, with Compuware operating downtown it is really picking up steam," Elliott says.
Elliot says Fifth Third is anxious for the start of the Jefferson Village project, which calls for the development of about 200 middle-income single-family homes on Detroit's far East Side, a project the bank is financing.
"Things are happening in the city," she says. "Dealing with (Detroit development chief) Walt Watkins in particular has been very productive."
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