'Dreamtroit' Now Reality after Grand Opening Celebration

Dreamtroit, a $30 million redevelopment project transforming a historic auto plant into a vibrant mixed-use community space, is now officially open in Detroit. This milestone marks a significant moment for the Northwest Goldberg neighborhood, where Dreamtroit seamlessly combines affordable housing, creative workspaces, and cultural enrichment.

Developed by Matthew Naimi and Oren Goldenberg, Dreamtroit reimagines the former Lincoln Motor Factory and recycling center, preserving Detroit's rich artistic heritage while addressing the need for affordable housing. The redevelopment includes 76 residential apartments, five office units, and 38,000 square feet of retail and entertainment space, all within a historic building that has been part of Detroit's industrial history since 1908.

"This is the type of creative redevelopment that is happening all around the city" said Detroit Mayor Mike Duggan. "Taking a vacant industrial property and converting it into a vibrant and affordable residential and retail destination takes real vision, persistence and a lot of collaboration. Congratulationsto Matt Naimi and Oren Goldenberg for this wonderful addition to Northwest Goldberg."

Pictured from right to left: Mayor Mike Duggan, Developer Matt Naimi, Matt's 10-year-old son Holden, & Developer Oren Goldenberg.

Dreamtroit features 76 residential units with a mix of affordability levels. Among these:

• (20%) 17 units at or below 50% AMI
• (50%) 41 units are available at or below 80% AMI
• And the remaining balance below the workforce housing level of 120% AMI

The complex also features extensive retail options, including anchor tenants such as Michigan and Trumbull Pizza, Marble Bar, Metro Grocery, and Recycle Here, and provides space for nonprofits including Teach Empower Achieve, Green Living Science, and Make Art Work.

The residential units at Dreamtroit are designed with creativity and functionality in mind, featuring 13-foot ceilings, expansive industrial windows, and flexible layouts that optimize living space. The apartments come in a variety of configurations, including one-bedroom and two-bedroom units, as well as studios and communal-kitchen studios. Residents will also enjoy amenities such as an indoor event space, a workshop, a coffee shop, and on-site parking.

"I think the true accomplishment of Dreamtroit is that we have been able to completely redevelop an economic model and physical structure while preserving the culture and affordability of our community," said Oren Goldenberg, Dreamtroit Developer. "Through relentless creativity, perseverance and a focus on our goal of keeping Recycle Here! and the Lincoln Street Art Park open and free, we have been able to cultivate diverse and strong relationships with Detroit municipal, lending and artistic communities to make Dreamtroit a reality. It's rare that a friendship and partnership can endure the seemingly insurmountable obstacles we've encountered in our path the last seven years - global pandemic, brain surgeries, bankruptcies, doubt, but Matt and I know that we have pursued this project for the same reasons, to ensure there is a Detroit that we want to live in and share with the world."

"We believe it is the people and the culture that push our city into the future," said Matt Naimi, developer of Dreamtroit and founder of Recycle Here. "For the past 12 years, we have been bringing people together through public programming, public space, environmentalism and art. We are ensuring that the working class, artists and innovators will continue to have a home and a platform to build the next generation of Detroit's cultural and technological revolution, while offering affordable housing to those who make Detroit such a unique and creative place," said Naimi.

The project has secured funding from a diverse group of supporters, including the Detroit Housing for the Future Fund, Invest Detroit, IFF, Capital Impact Partners, the Michigan Strategic Fund, the Detroit Economic Growth Corporation (DEGC), Michigan Community Capital, and the State of Michigan through Historic & New Market Tax Credits. The grand opening of Dreamtroit not only celebrates the completion of the redevelopment but also reinforces the city's commitment to supporting its creative and cultural communities.

"We are proud to support Dreamtroit, which has taken what was once an underutilized industrial building in dire need of investment and creatively repurposed it in order to help this neighborhood's continued revitalization," said Brendan Quigley, senior portfolio loan officer for Capital Impact Partners, which is part of the Momentus Capital branded family of organizations. "These 76 affordable housing units, the retail and event spaces, and the beautiful murals and art park make Dreamtroit a place that serves residents and the community as a whole."

"The Dreamtroit development is a haven for Detroit's arts and culture community, an anchor for economic and community development that is changing the trajectory of the Northwest Goldberg neighborhood, and a model for the creative reuse of aging facilities that can be repurposed to serve as community assets. It's also bridging a gap in the community for quality affordable housing, which we need far more of in Detroit and across the state of Michigan," said Chris Uhl, IFF's executive director for the Eastern Region. "IFF is proud to have played a role in helping Matt Naimi and Oren Goldenberg bring their vision for Dreamtroit to life by providing financing for the project in partnership with Invest Detroit, Capital Impact Partners, LISC, Detroit Housing for the Future Fund, Detroit Economic Growth Corporation, Michigan Community Capital, and the Michigan Community Revitalization Program."

"There is no one clear path to successful adaptive reuse, it takes persistence, creativity, and vision," said Eric Hanna, president and CEO of Michigan Community Capital. "We're incredibly proud of the Dreamtroit team for sticking with a challenging project that will have a positive and lasting impact on this neighborhood and add to the edgy and intriguing vibe that is already such a big part of Detroit's comeback."

"We're thrilled to see Dreamtroit come to life and act as a testament to the power of placemaking in Detroit. The redevelopment of the Lincoln Motor Factory into creative, mixed-use space reflects the importance of investing in Places as part of our 'Make It in Michigan' strategy - strengthening our neighborhoods and local economies through innovative, rehabilitative development that fosters a sense of belonging and opportunity," said Michele Wildman, Chief Place Officer for the MEDC. "With developments like Dreamtroit, we're creating destinations for people to live, work, and play, while driving Detroit's future and showcasing the best of what Michigan communities have to offer."

"Dreamtroit is a wonderful example of how affordable housing can coexist with cultural and economic development. By supporting projects like this, the Detroit Housing for the Future Fund is helping ensure that longstanding residents, artists, and workers have access to quality housing while contributing to the city's growth," said Michael Pugh, LISC President & CEO. "Dreamtroit reflects LISC's commitment to fostering inclusive communities and neighborhood revitalization."

"This is exactly the kind of development Detroit needs - one that honors our past while building towards a bright future. The DEGC is proud to support Dreamtroit with a range of tools designed to make this vision a reality. From Brownfield TIF to direct loans and tax abatements, we've leveraged multiple resources to help bring this $30 million investment to life. It perfectly exemplifies how strategic support can catalyze transformative projects in our neighborhoods," said Kevin Johnson, President and CEO of the Detroit Economic Growth Corporation.

Dreamtroit's redevelopment is sparking growth and revitalization in the Northwest Goldberg neighborhood, all while adding to Detroit's ongoing reinvention. With residents now moving in, this project highlights the city's commitment to building inclusive spaces that blend the arts with affordable living.

"Dreamtroit stands as a testament to Detroit's commitment to innovation and inclusivity. By transforming a historic auto plant into a vibrant mixed-use community space, we're not just preserving our city's heritage-we're also addressing the need for affordable housing," said Julie Schneider, Director of the Housing & Revitalization Department at the City of Detroit.

"Dreamtroit began as a straightforward request for pre-development financing, but it quickly evolved into one of the most complex capital stacks Invest Detroit has ever been a part of. The financing involved a mix of historic tax credits, new market tax credits, and both senior and subordinate debt, all working together to bring this intricate project to life," said Mike Vieregge, Senior Vice President, Lending, Invest Detroit. "Today, what was once the original Lincoln car factory has been transformed into a vibrant mixed-use artist community, featuring affordable housing, retail, live-work units, the city's recycling center, and an art park."

Located between the expanding Motown Museum and the College for Creative Studies, Dreamtroit offers an ideal setting for Detroit's creative community. The site is within walking distance of the Fisher Building, New Center-area attractions, Wayne State University, and the vibrant Woodbridge neighborhood. Just a short drive from downtown, Dreamtroit is also easily accessible via major highways like the M-10 (Lodge) Freeway and I-94. Serving as a pilot site for the City of Detroit's 24-hour Economy Initiative, Dreamtroit will offer a range of engaging programs for both residents and visitors. This effort highlights Detroit's reputation as a thriving destination for creatives.

For more information about Dreamtroit, visit here.

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About Detroit Housing for the Future Fund and LISC Detroit

Detroit LISC is a local organization founded in 1990, within national community development finance institution Local Initiatives Support Corporation (LISC). that includes 38 offices in urban areas across the country as well as a rural office that serves more than 40 states. LISC, founded in 1979, combines corporate, government, and philanthropic resources to help community-based organizations revitalize their neighborhoods.

Detroit Housing for the Future Fund (DHFF) is a mission driven private investment fund with the primary goal of addressing the severe shortage of affordable housing in Detroit. DHFF is managed by LISC Fund Management, LLC, a subsidiary of Local Initiatives Support Corporation. LISC Detroit sources and originates loans for DHFF. DHFF is a part of the larger Affordable Housing Leverage Fund, which is an initiative with the City of Detroit's Housing & Revitalization Department and the Michigan State Housing and Development Authority. DHFF deploys flexible loan capital and private grants to complement and leverage public investment through the City of Detroit and Michigan State Housing Development Authority as well as tax credits and other existing affordable housing finance tools.

For more information on the Detroit Housing for the Future Fund and funding opportunities, please visit detroithousingforthefuturefund.org/ or liscstrategicinvestments.org/detroit-housing-for-the-future-fund

About Invest Detroit

Invest Detroit is a nonprofit lender, investor, and partner that supports business and real estate projects that will ignite economic growth in Detroit and support inclusive growth of entrepreneurial ventures across the state. Our goal is to help create a thriving city that works for all Detroiters with an improved quality of life-inclusive housing, resourced and walkable neighborhoods, and equal opportunities for jobs and business growth; and scale promising early-stage ventures into thriving companies that help support the state's economy, provide jobs to local talent, and bolster Michigan's growing startup community. Learn more at www.InvestDetroit.com.

Disclaimer

References made to endorsements by any third-party to invest with LISC Detroit or DHFF are not indicative of future performance and does not imply any guaranteed level of service, skill, or training.  Investors should not rely on endorsements for any purpose and should conduct their own review prior to investing. Mayor Mike Duggan, Oren Goldenberg,Matthew Naimi, Michele Wildman, and Mike Vieregge are not a "promoter" or investor in LISC Detroit or DHFF, but is a third-party who is not compensated for this statement.

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