Rebuilding Detroit

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Almost every single list of America's most depressed cities features Detroit at or near the top. Cities like Detroit that were built on industry have suffered in recent decades as manufacturers have taken their business to developing companies with lower production and employment costs.

While some would like to paint a bleak picture of Detroit's future, it is important to remember that the city is no worse off than European cities like Belfast or Turin that have managed to rebuild themselves in recent years. Indeed, Detroit has already begun the process of rebuilding itself from the ground up, not necessarily through economy or industry, but through construction.

Challenges
To understand the opportunities for rebuilding Detroit, it is important to first understand the city's challenges. Detroit was settled in 1701 and is one of the oldest cities in the Midwest. The city grew with the automobile industry, and became one of America's most populous cities by the beginning of the 20th century. When manufacturing jobs began leaving, however, so did the people.

Since 1950, Detroit has lost half its population - a decline no other major American city has seen. This great exodus of jobs and people has left Greater Detroit with beautiful, old buildings that have no one to use them and acres of abandoned urban lots. Foreclosed houses are so numerous that many are selling for less than the price of a used Ford.

Progress
While some have suggested that Detroit is beyond hope, its resilient residents have begun rebuilding through construction. In fact, according to the Detroit Metro Convention & Visitors Bureau, Detroit is undergoing the country's largest urban redevelopment boom with more than $20 billion in new development. This redevelopment includes major steps to rebuild Detroit's historic downtown area. For example:

* Restorations have taken place at many of the city's historic buildings like the Westin Book Cadillac Hotel and the Inn at Ferry Street. Even more of these restorations are planned throughout the next several years.

* A number of residential and mixed-use building projects are under way in the area including the Cadillac Centre - a $150 million complex attached to the Cadillac Tower.

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