Renovare Development, a Detroit-based real-estate development company, has been launched. It will focus primarily on mixed-income and mixed-use real estate development projects in Opportunity Zones in urban and rural areas of Michigan.
The company currently controls Broderick Manor and Lakewood Square, two properties in Detroit, as well as the historic Munising Firehall in the Upper Peninsula. The company founders have experience in rural and urban redevelopment projects.
“Our vision is to work closely with the state of Michigan and other partners to complete transformational projects on key redevelopment-ready sites throughout Michigan,” says Shannon Morgan, co-founder.
Morgan and Jill Ferrari, co-founder, most recently held leadership positions in Shelborne Development in Detroit, a company that focuses on historic preservation and affordable housing. The new company will offer consulting services to Shelborne through a professional services contract.
“We look forward to continuing our support for Shelborne Development while we build this new venture,” says Ferrari. “There are several projects in Shelborne’s pipeline, including a 157-unit new construction project in Florida that recently received $2 million in local support through the neighborhood stabilization program.”
Morgan and Ferrari have more than 50 years of combined real estate experience, according to Kathy Makino-Leipsitz, founder and president of Shelborne. Renovare is in the process of finalizing capital through a private equity investor.
Renovare will share a space with Ronnisch Construction Group and BBG at 42 Watson St., Suite B, in Detroit’s Bruch Park neighborhood.