When developers fixed up a vacant house on Detroit’s historic Atkinson Street—refinishing the hardwood floors, adding stainless steel appliances, and bringing back the beauty of the classic brick home so it could be rented—some of the neighbors made a cut of those profits, too.
In a new business model, the development company behind the renovation is trying to share the wealth with long-term community members as home values rise around them.
“We have a unique environment where we can bring resources to a community, we can enhance it, we can enrich it, and the people who benefit naturally are those who stood by the city in the worst of times,” says David Alade, co-founder of the startup development company Century Partners.