"@@David Alade and Andrew Colom@@" moved to Detroit from their respective homes of New York and Mississippi this year to take a risk on the city’s uncertain future. They buy, renovate and rent out houses in a historic neighbourhood close to the site of the 1967 race riots, and where both Henry Ford and Motown Records label founder Berry Gordy Jr owned mansions.
Sellers have the option of buying a stake in the property fund set up by Mr Alade and Mr Colom. This way, they argue, the local community can be a part of the neighbourhood’s revival.
“Everyone is watching Detroit and there is an opportunity to do something really special in a different way,” says Mr Alade, a former Wall Street banker.
Mr Alade, Mr Colom and architect Steve Harris, who grew up in the neighbourhood, are the kind of investors the city needs to bring money and jobs in to the community.