Press Release
February 11, 2009
Contact: Chris Walden Hughes
Communications & Marketing Manager
Ferndale DDA
248-546-1632 (office)
248-761-1134 (cell)
chughes@downtownferndale.com
$20 M+ and Still Growing...
Downtown Ferndale’s Got It Right!
Ferndale, Michigan -- A near 300% increase in private and public investment and the generation of 225 new jobs in 2008 make Downtown Ferndale a shining star in the gloom of the national economy.
“We have exceeded expectations at every indicator,” reported Cristina Sheppard-Decius, Executive Director of the Ferndale Downtown Development Authority, which manages and maintains the downtown district. The 2008 stats, released this week, indicate phenomenal growth and reinvestment in all segments of the market, from housing to retail to restaurant to business. “Our programs are working, our downtown is thriving, we remain strong despite the global economy.”
Leading the charts is the private/public investment figure of a whopping $20,130,893, a 299% increase from 2007’s $5,044,510. Two significant contributors to the total was $9,000,000 generated by the Lofts on 9 condominium project and $5,000,000 from the Foley Mansfield Law firm rehab of the historical library.
“The Lofts on 9 and the Foley Mansfield projects were certainly major, but it is even more important that our totals are based on decisions made by many different investors,” said Sheppard-Decius. “We were not reliant on, nor are we depending on, one single project or one single investor, and that is true for the year ahead. We already have projects in the pipeline or ongoing for 2009.”
The reinvestment stat incorporates new building projects such as the Lofts on 9, as well as rehabs of existing buildings. In that category, 28 building rehabs in 2008 represent an increase of 40% over the 20 completed in 2007. The Loving Touch, the new billiards hall on Woodward, and Blumz by JR Designs, a flower and gift retailer on east Nine Mile, each finished significant building renovations in the past year.
The good news penetrated the new business scenario as well. A total of 26 new businesses opened in 2008 for a net gain of 11 by year’s end. The rapid refill of exiting businesses is a testimony to the desirability of the Downtown Ferndale brand and its position in the urban/suburban market, said Sheppard-Decius. In December of 2008, in the midst of the spiraling economy, Downtown Ferndale continued to grow with the opening of four new businesses and the promise of more to come based on permit applications. Already in 2009, four new businesses have opened their doors.
On the personal economic level, Downtown Ferndale’s revitalization generated its best news close to home with the net gain of 225 new jobs, a one year increase of 168%. “These jobs are opportunities for our residents to round out the local economy and support it by shopping and dining here. Jobs generate jobs, the formula works and Downtown Ferndale is the proof,” said Sheppard-Decius.
The Ferndale DDA operates within the guidelines of Main Street Oakland County and the National Trust for Historic Preservation. With its 2008 statistics, it is a stellar example of a successful revitalization formula that utilizes a multi-faceted, multi-dimensional approach to engage stakeholders at every level. Said Sheppard-Decius, “Downtown Ferndale’s revitalization is ongoing and continues to be a building block for the future.”
Downtown Ferndale Statistics, At A Glance
2008 Private/Public Investment $20,130,893
2007 Private/Public Investment 5,044,510
15,086,383 = 299% +
2008 of New Buildings/Facades 28
2007 of New Buildings/Facades 20
8 = 40%
Number of New Businesses 26
Number of Business Closed 15
Net Gain 11 = 223%
Number of New Jobs 290
Number of Jobs Lost 65
Net Gain 225 = 168%
The mission of the Ferndale DDA is to create and sustain a diverse, distinctive and vibrant urban downtown district with small-town charm that serves a broad trade area including the Ferndale community and metro Detroit.
Cristina Sheppard-Decius can be reached directly at 248-546-1632, ext. 201.
