Michigan Community Capital Invests in Detroit Food Hub to Boost Urban Agriculture

Renovation of Shed 7 will modernize Detroit’s historic food hub, expand refrigerated space for urban growers, and strengthen regional food system.

FOR IMMEDIATE RELEASE
September 30, 2025

LANSING, Mich. – With support from Michigan Community Capital (MCC), the Eastern Market Partnership (EMP), together with its subsidiary Eastern Market Development Corporation (EMDC), is renovating and expanding the outdated Shed 7 building to create an approximately 43,000-square-foot cold chain- and Food Safety Modernization Act-compliant space. MCC has provided $10.75 million in New Markets Tax Credit (NMTC) allocation in addition to a bridge loan.

NMTC proceeds from MCC will fund upgrades to the facility to ensure cold chain compliance, installation of additional refrigeration to support smaller growers, security improvements to protect food safety, and upgrades to mechanical and electrical systems. Magnet Lending Corporation, a subsidiary of MCC, will provide a bridge loan of approximately $5.26 million for a $12-million grant from Michigan Department of Agriculture and Rural Development (MDARD).

“Michigan Community Capital is proud to support the Shed 7 redevelopment with both New Markets Tax Credits and bridge financing,” said Liz Alexandrian, Vice President of Lending at Michigan Community Capital. “This project not only strengthens Detroit’s historic Eastern Market but also expands opportunities for small growers, urban farmers, and food entrepreneurs who are vital to the city’s future. By modernizing this facility, we are helping ensure food safety, preserving critical jobs, and investing in a food system that delivers fresh, healthy produce to communities across the region.”

The Shed 7 project is vital to the Eastern Market area and Detroit’s Eastside. It will retain the building’s primary tenants, including RJR Distribution, LLC (RJR), Frank’s Deli and Grill, and Tocco’s Fresh Produce, while providing affordable refrigerated space to regional farmers and 20+ urban farming organizations. Detroit’s historic Eastern Market is a wholesale food hub where over 54 million pounds of produce were sold in 2023. The organization also operates seasonal markets and partners with groups such as the Detroit Black Farmer Land Fund and Oakland Avenue Urban Farm to expand access to minority- and women-owned growers.

Eastern Market Partnership, acting as the economic development organization for the greater market district under a management agreement with the City of Detroit since 2006, created EMDC as a nonprofit real estate development organization to serve as the direct sponsor of the project.

“Eastern Market is an anchor of Detroit’s economy, a platform for local entrepreneurs, and a catalyst for regional food systems,” said Katy Trudeau, President and CEO of Eastern Market Partnership. “Shed 7 brings our mission to life by creating space that reflects the diversity and talent of our food economy and by removing barriers for growers who’ve long been underserved.”

The project will track produce volume and transportation efficiency, including pallets moved and truck logistics. EMP anticipates the investment will double food volume sold at the market and expand its Mobile Markets program from 15 to over 40 locations across Wayne County, increasing fresh produce accessibility in underserved areas.

Located at 3445 Russell Street, Detroit, the project qualifies for NMTC in a “deeply distressed” census tract with a median family income at 33% of the area median, a 44.8% poverty rate, and 22.8% unemployment (over four times the national average). The project is expected to create 17 construction jobs and retain or create 36 permanent positions through the facility’s tenants.

“For J.P. Morgan, supporting the renovation and expansion of Shed 7 reflects our commitment to Detroit,” said Melissa Pillars, Executive Director of Community Development Banking, J.P. Morgan. “This facility is an investment in Detroit’s food businesses and urban farmers and strengthens Eastern Market as a space where local entrepreneurs, culture, and community come together. We’re proud to partner with Michigan Community Capital and Eastern Market to create new opportunities.”

Project Financing Overview

  • MCC NMTC allocation: $10.75 million
  • Invest Detroit NMTC allocation: Approximately $4.65 million 
  • NMTC investor: Chase Community Equity, LLC 
  • Other loan sources include grants from MDARD and the Gilbert Foundation.

“Invest Detroit has been a proud partner of Eastern Market for many years, and we are thrilled to help finance this important project,” said Marcia Ventura, Senior Vice President of Lending at Invest Detroit. “By providing subsidized cold storage space, especially for Detroit’s urban farmers, we’re helping more locally grown produce reach consumers quickly and safely. This investment is expected to triple sales for local growers, strengthening the food system and creating new opportunities for small- and mid-sized producers across the city.”

The Shed 7 renovation represents a significant step in strengthening Detroit’s regional food system, providing modern, scalable infrastructure for urban and minority-owned farmers, ensuring food safety, and catalyzing economic development in a historically underserved community.

Michigan Community Capital

Michigan Community Capital is a 501(c)(3) nonprofit that exists to promote community and economic development, the creation of wealth and job opportunities; and to facilitate investment of private and public capital in Michigan. MCC is focused on driving economic mobility of low- and moderate-income Michigan residents and drives community development impacts in three key areas: Real Estate Development, CDFI lending, and New Markets Tax Credits. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and a Community Development Entity (CDE). Since 2005, MCC has supported over $1.4 billion in project financing, successfully attracted $510 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units and facilitated the creation and/or retention of over 5,000 high-quality, accessible jobs. Michigancommunitycapital.org.

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