The Creative Corridor Investment Fund has opened for applications, with a goal of creating 125,000 sq. ft. of office space designed specifically for companies in the creative industries, and 400 new jobs in Detroit over the next 5 years. The Fund also expects to create new centers of dense commercial activity that attract creative talent and companies.

The idea behind it all is that talented people in design, media production, architecture, fine arts and other creative enterprises benefit from working within a concentrated district. Detroit's Creative Corridor covers the Central Business District, Midtown and New Center. There is already a significant amount of creative work going on in the area with such core institutions as the College for Creative Studies, Wayne State University, the Detroit Institute of Arts, Detroit Symphony Orchestra and Michigan Opera Theatre. Add to that the architecture firms, marketing companies and other private businesses in creative industries and Detroit already has a solid foundation to build on.

Detroit Economic Growth Association and the Detroit Investment Fund together have identified $2.5 million to assist building owners and creative companies that are located in the Creative Corridor.

The assistance is designed to meet the needs of businesses in creative industries and their landlords through two distinct programs. The first provides matching funds for building owners preparing existing spaces for tenants in creative industries. Eligible projects include buildouts and installing utilities or permanent facilities specifically required for creative activities. Building owners that meet all program requirements will be reimbursed up to 50% of the cost of the project.

The second program will provide rent and parking subsidies for eligible businesses that are bringing new creative jobs to the Corridor. These are intended to compensate for costs that would otherwise make the Corridor noncompetitive. The amounts and terms of the subsidies will depend on the length of leases, the number of jobs being created and the cost and physical size of the leased space.

There are other rules that apply to these programs. Companies that are interested in applying for help should contact Mark Denson at (313) 237-6096 or email at mdenson@degc.org.