DBusiness Daily Update: JPMorgan Chase Highlights Detroit Activities in Annual Shareholders Letter, and More

Our roundup of the latest news from metro Detroit and Michigan businesses as well as announcements from government agencies.
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JP Morgan CEO Jamie Dimon
JPMorgan Chase Chairman and CEO Jamie Dimon referenced the work the company is doing in Detroit in his annual shareholder letter. // Photo courtesy of JPMorgan Chase

Our roundup of the latest news from metro Detroit and Michigan businesses as well as announcements from government agencies. To share a business or nonprofit story, please send us a message.

JPMorgan Chase Highlights Detroit Activities in Annual Shareholders Letter

Jamie Dimon, chairman and CEO of JPMorgan Chase in New York City published his annual shareholder letter as part of the company’s 2023 Annual Report, and it references the work the company is doing in Detroit.

“As always, we hold fast to our commitment to corporate responsibility, including helping to create a stronger, more inclusive economy,” Dimon wrote, “from supporting work skills training programs around the world to financing affordable housing and small businesses to making investments in cities like Detroit that show how business and government leaders can work together to solve problems.”

Dimon notes JPMorgan Chase is one of the largest banks in Detroit and its efforts helped Detroit and also helped it gain market share.

“For JPMorgan Chase, Detroit was an incubator for developing models that help us hone how we deploy our business resources, philanthropic capital, skilled volunteerism, and low-cost loans and equity investments, as well as how we identify top talent to drive successful business and societal improvements,” Dimon wrote.

“When we sought to expand our customer service specialists program across the United States, we turned to Detroit, launching our first virtual call center in 2022,” the letter says. “Investments in Detroit’s workforce development infrastructure helped us hire 90 virtual customer service specialists for a program that has outperformed many of our traditional call centers around the world. Following this success, we expanded our hiring efforts and this virtual program to Baltimore to create new jobs that jump-start careers. And now we’re evaluating the possibility of expanding even further.”

JPMorgan Chase also started the Entrepreneurs of Color Fund (EOCF) in Detroit, a lending program designed to help aspiring small business owners gain access to critical resources needed for growth that are often not equitably available — capital, technical assistance, and mentorship, among others.

“These challenges aren’t unique to Detroit so we worked with community development financial institutions to replicate the EOCF program in 10 markets across the United States in 2023, deploying more than 2,900 loans and $176 million in capital to underserved entrepreneurs across the country,” Dimon wrote.

“Seeing Detroit’s comeback begin to take shape several years ago, we created AdvancingCities to replicate this model for large-scale investments to other cities around the world,” the letter says. “From San Francisco to Paris to greater Washington, D.C., we’ve applied what we learned in Detroit to communities where conditions are opportune for success and require deeper investments — where community, civic, and business leaders have come together to solve problems and get results.”

To read the full letter and access the 2023 Annual Report, visit here.

CHN Housing Partners, TRIBE Development Announce Funding for Jefferson Ave. Apartments

CHN Housing Partners (CHN) in Detroit is announced Jefferson Avenue Apartments has received unspecified funding from the Michigan State Housing Development Authority (MSHDA) to build 52 new one-, two-, and three-bedroom units.

These new construction apartments will be on Jefferson Avenue, between Dickerson and Lennox in the Jefferson-Chalmers neighborhood. CHN is partnering with TRIBE Development, a Detroit-based developer,

“We are incredibly grateful to MSHDA for awarding Jefferson Avenue Apartments tax credit funding that will create affordable housing in Detroit for 52 individuals and families,” says Kevin J. Nowak, president and CEO of CHN Housing Partners.

In addition to the state of Michigan, funding for the Jefferson Avenue Apartments includes HOME dollars from the city of Detroit and project-based vouchers sponsored by the Detroit Housing Commission. The 52-unit building will be affordable to residents with incomes at 30 percent, 50 percent, and 60 percent of the Wayne County Area Median Income (AMI) levels.

“We are excited to partner with CHN to bring Jefferson Avenue Apartments to the Jefferson-Chalmers neighborhood of Detroit,” says Brandon Hodges, principal of TRIBE Development and a Jefferson-Chalmers resident. “We are honored to receive funding from the state and the city to add to Detroit’s affordable housing stock.”

The new construction apartment building will be designed by architects, Hiti, DiFrancesco + Siebold (HD+S), and Continental Construction Management will serve as the building’s general contractor.

The building will include a community room with a kitchen, a fitness room and offices for an on-site property manager. Each apartment unit will be equipped with an Energy Star refrigerator, electric range and hood, dishwasher, washer and dryer, air conditioner and mini blinds.

On-site tenant services anticipated for Jefferson Avenue Apartments residents include financial counseling, youth programing, and other supportive services. The Jefferson Avenue Apartments are expected to start construction in late 2025.

Jeep Introduces Tuscadero for First Time on 2024 Jeep Wrangler

The Jeep brand of Stellantis in Auburn Hills is bringing back Tuscadero to celebrate 4×4 Day 2024. The exterior paint color, a deep and intense chromatic magenta, is making its return as an option on the new-for-2024 Jeep Wrangler.

“Some 30,000 customers placed an order for Tuscadero when it first debuted in 2021,” says Bill Peffer, senior vice president and head of Jeep brand – North America. “We’re always looking to deliver what our customers tell us they want, so we’re tickled pink to bring back the highly sought-after Tuscadero paint shade on Jeep Wrangler to mark 4×4 Day 2024.”

Tuscadero is part of a lengthy lineup of vivid, special-run, limited-edition colors, including Gobi, Gecko, Chief, and Nacho, that add customization and appeal to Jeep Wrangler and other Jeep brand models.

The 2024 Jeep Wrangler is now available in nine exterior colors, including Tuscadero, Anvil (new for 2024), Earl, Firecracker Red, Granite Crystal, Silver Zynith, Hydro Blue, Bright White, and black.

Tuscadero is available to order now on the 2024 Jeep Wrangler at a U.S. manufacturer’s suggested retail price of $895 on the following trim levels: Sport, Sport S, Willys, Sahara, Rubicon, Rubicon X, and Rubicon 392.

Initially, it will be paired with a black hardtop, body-color hardtop, or black soft-top. The Sky One-Touch powertop in Tuscadero will be available in late Q2 2024.

Grand Opening Event for Giorgio Conti Jewelers Set for Saturday

Giergio Conti Jewelers announces the grand opening of its boutique showroom in downtown Ferndale on April 13.

“We are thrilled to invite the community to join us for the grand opening of Giorgio Conti Jewelers,” says Joseph Shihadeh, owner of Giorgio Conti Jewelers. “This event is a celebration of luxury, and the artistry of fine jewelry. We look forward to welcoming customers to our store and helping them create memorable moments with our exquisite pieces.”

Customers will experience curated collections of fine jewelry, ranging from stunning engagement rings to elegant necklaces, bracelets, earrings, and more. Complimented by the store’s jewelry selection is Giorgio Conti’s commitment to providing customers with an “unparalleled experience.”

The grand opening will feature music, complimentary gifts and refreshments, hors-d’oeuvers, and the opportunity to explore the jewelry.

For more information about Giorgio Conti Jewelers and RSVP for the grand opening event, please gconti.com or guests can RSVP here.

Detroit City Distillery Launches Blue Roar Bottled Cocktail for NFL Draft

In celebration of the NFL Draft coming to Detroit, Detroit City Distillery (DCD) announces Blue Roar, a new limited-edition tropical blue bottled cocktail.

Blue Roar is a vodka-based bottled cocktail made with pineapple, peach, lemon, and bergamot. It has a balance of tangy citrus and sweet raspberry and provides a souvenir collectible for $10 per seven-ounce bottle.

Customers can purchase Blue Roar at this link. The cocktail is only available for in-person pick-up at the Tasting Room at 2462 Riopelle St. in Eastern Market starting at noon April 24 through April 28 while supplies last.

The launch of Blue Roar coincides with a series of DCD special events designed to welcome visitors and locals alike to enjoy the festivities:

  • Exclusive bar takeover at The Foundation Hotel, April 23-26, from 5-9 p.m.
  • Special Tours at The Whiskey Factory, the entire week of the NFL Draft, April 23-27. The Factory is housed in the historic former Stroh’s Ice Cream Factory and home of Goebbel’s Brewing. Tour tickets are available for purchase here.
  • Factory Cocktail Lounge: NFL Draft Viewing Experience, April 26. Seatings will occur from 5-7 p.m., 7-9 p.m., and 9-11 p.m. Visit here for tickets.
  • Live Stream the NFL Draft at DCD’s Bar Tasting Room, 2462 Riopelle St. in Eastern Market.

Lions President Rod Wood to Headline ACG Detroit Draft Eve Party at Shinola Hotel

ACG Detroit has released a limited number of tickets for its Draft Eve in the D party happening on April 24 from 4:30-8 p.m. at the Shinola Hotel. The event will include an appearance by Detroit Lions President and CEO Rod Wood, an open bar, food, DJ, and complimentary valet parking.

“This is the ultimate Draft pre-game,” says Christopher Letts, chairman of the event. “Happening in the heart of downtown Detroit, this is the premier location to experience this once in a lifetime event. We are encouraging our members and guests to come dressed for the draft sporting their favorite team jersey or dressed to be drafted themselves.”

Ticket price is $250 per person and available here.

Community Choice Credit Union to Host Free Celebration Lounge During NFL Draft

The Celebration Lounge of the Farmington Hills-based Community Choice Credit Union will be open at 151 W. Fort St. in downtown Detroit April 25-26 during the NFL Draft.

Taking place in the historic State Savings Bank event space at the corner of Fort and Shelby streets, the Celebration Lounge is in the heart of the NFL Draft experience. Just a block and a half from Woodward Avenue, the Celebration Lounge is between Campus Martius and Hart Plaza.

Community Choice Credit Union welcomes the public to the Celebration Lounge for:

  • Free food: Attendees will receive a complimentary meal, limit one free meal per person, per day.
  • Free bar: Attendees 21 and older will enjoy an open bar with a two-drink maximum per person, per day.
  • Hourly drawings for NFL tickets during the Celebration Lounge public hours. No purchase necessary, must be over 18 to win. Rules and details available during the Celebration Lounge event.
  • Free entertainment: Musical guests include The Dan Rafferty Band, The Ones and Twos, and DJ services from Rock Out Entertainment.
  • Trevor Croop, known for his work with light and glass, over the two-day span he will be creating a one-of-a-kind Detroit themed artwork to be auctioned or raffled off to benefit the Community Choice Foundation, the charitable arm of Community Choice Credit Union.
  • Watching the Draft live on the big screen.

The Celebration Lounge will be open to the public on April 25 from 1-4 p.m. and from 7-11 p.m. On April 26, the public is welcome from 1-11 p.m.

Newlab @ Michigan Central Introduces Sketchbattle JR on Saturday

Newlab @ Michigan Central (2050 15th St.) in Detroit is hosting Sketchbattle JR from 9:30 a.m.-4 p.m. on Saturday. The event is the latest initiative to nurture creativity and design thinking among keen sketchers in grades seven through 12.

As a leading platform for design enthusiasts, Sketchbattle JR is committed to inspiring and empowering the next generation of design innovators while reshaping perceptions about design careers.

“We believe that design is not just a creative outlet but also a promising career choice,” says Brook Banham, founder of Sketchbattle JR. “Our mission is to show kids and parents that the design world offers endless opportunities for growth, innovation, and success.”

GM Design is offering winners admission to its Youth Modelers Artists Designers (YMAD) program, which provides a gateway to automotive design. Additionally, CCS is offering winners access to its Auto Design Summer Camps, enriching young designers’ skills under the guidance of industry professionals.

In addition to the competition, Sketchbattle JR will host a panel discussion featuring professional automotive designers, personalities, and executives. The panel aims to educate parents about design careers for their kids, offering insights into the opportunities and pathways available in the design industry, and dispelling myths about art school and design careers.

For more information about Sketchbattle JR and to register for the upcoming competition, visit sketchbattlejr.com.

LeadingAge MI Expands Initiative to Retain and Attract Senior Care Workers

LeadingAge Michigan in Lansing is investing a $5.1 million state workforce stabilization grant to deploy a data-driven approach for nursing home staff recruitment and retention.

The program’s expansion allows the organization to extend its employee satisfaction surveys free of charge to assisted living and independent housing services as well as nursing homes.

The primary goal of LeadingAge’s Work that Matters initiative is to directly solicit, measure, and share feedback on the root causes of the workforce crisis post pandemic.

“LeadingAge Michigan members have stepped up to secure and grow the workforce needed to provide high-quality care for older adults across our state,” says David E. Herbel,

president and CEO of LeadingEdge. “Work that Matters is driving honest and frequent communication so important to today’s senior care professionals. We listen, we care, and the results will be measurable and significant.”

For more information on LeadingAge Michigan, visit leadingagemi.org.

Macomb Community College Staging Discover Macomb April 23

Potential students and their parents can learn what business, information technology, and culinary programs Macomb Community College has to offer during Discover Macomb, April 23, at 7 p.m., on the college’s Center Campus (44575 Garfield Road) in Clinton Township.

Representatives from Macomb’s Admissions Office will open the 90-minute session with a brief overview of the college followed by faculty and staff presentations from each academic department. Participants will learn about registration, program requirements, transfer plans, and connections to workforce opportunities followed by a question-and-answer period. They also will tour the college culinary facilities and teaching kitchen.

Those interested in attending should visit here to register.

Carhartt Launches Limited-edition National Park Collection

Dearborn-based workwear brand Carhartt has launched its limited-edition National Park Collection, in support of its partnership with the National Park Foundation (NPF).

The collection of T-shirts and ballcaps features four iconic West Coast national parks — Denali, Saguaro, Sequoia, and Yellowstone — with custom-designed visuals inspired by notable landscapes significant to each park.

The collaboration was created to raise awareness and further Carhartt’s commitment to the outdoors and its support of the National Park Foundation’s Communities and Workforce initiative. The initiative provides funding for programs to support service corps, local community and workforce development organizations that provide on-the-job training for members, enabling them to develop leadership skills, build teamwork and learn about public lands career paths.

“We’re excited for fans of the national parks and the outdoors to experience how the new gear highlights the beautiful features within each national park,” says Susan Hennike, chief brand officer at Carhartt. “Inspired by the hardworking people who preserve the beauty and safety of our national parks, this collection aims to raise awareness around our partnership with the National Park Foundation. At Carhartt, we’re committed to building a better world, and through this partnership, we’ve been able to do just that – by cultivating the next generation of outdoor workers and leaders who strive to make their own histories.”

For more information, visit here.

Study: West Michigan Economy Growing Modestly

A monthly survey conducted by a researcher at Grand Valley State University near Grand Rapids indicates area manufacturers and businesses are seeing signs of modest growth in the west Michigan economy.

Brian Long, director of supply management research at GVSU’s Seidman College of Business, says several metrics in his report rose in March and hinted at a recession-free 2024, though some responses from surveyed purchasing managers reflect caution.

“With this month’s positive numbers, it seems obvious that barring some kind of a Black Swan event that a recession is not just around the corner, but now improbable for the rest of 2024,” Long says.

“However, we have built up a few cautionary bubbles, and we’ve averaged a post-war recession about every six years, and so we are not immune to recessions, and we need to keep a close watch on 2025 and beyond.”

Several key indices from Long’s report trended upward in March. The report’s new orders index, a measurement of a company’s business improvement, rose seven points last month. The production index, a measure of a company’s output, climbed 12 points.

The largest gain came from Long’s employment index, which climbed 16 points from February, suggesting area firms are increasing their staffing levels.

“Last month’s survey came in flat, but this month’s numbers came in considerably more positive, and furthermore, the purchasing manager surveys at the national level are also positive,” Long says.

“Our survey of employment has been modestly negative for the last six months, so it was good to see our employment index bounce back to positive in our most recent report.”

Here’s a look at the key index results from March’s survey of west Michigan businesses:

  • New orders index (business improvement): +10 vs. +3 in February
  • Production index (output): +2 vs. -10 in February
  • Employment index: +9 vs. -7 in February
  • Lead times index: -2 vs. -5 in February

Detroit Horse Power to Host Annual Gala at Ford Field May 3

Detroit Horse Power, which uses the power of horses to positively impact youth 7-18 years of age, is hosting its fifth annual gala at Ford Field’s House of Legends at 6 p.m. on May 3, to raise funds in support of the nonprofit organization’s programs, activities, and leadership development opportunities for students, including more time spent with horses.

The event will include hors d’oeuvres, cocktails, dinner, and an auction, as well as an awards presentation honoring Detroit Horse Power Youth Leadership Council Members and Wayne County Executive Warren Evans. Event co-chairs include Joe Anderson, chairman and CEO, TAG Holdings; Irma Clark Coleman, Wayne County commissioner; Todd Bettison, deputy mayor of Detroit; and Angela Whitfield Calloway, Detroit City Council member.

Individual tickets start at $175 and can be purchased here.