DETROIT--(BUSINESS WIRE)--Ram, a leader in real estate investment and development, is ready to launch the final phase of its Midtown Detroit development with the recent announcement that it has signed a lease with Whole Foods Market, the world’s leading natural and organic foods supermarket, for its property on the northwest corner of Mack Avenue and John R Street. The initial phases of the development included the construction in partnership with Wayne State University of a 954-car parking structure on the north edge of the site and the later creation of the Ellington, a five-story building with lofts over retail facing Woodward Avenue.
When the 20,000 square foot Whole Foods Market opens in 2013, the store will offer residents a variety of competitively priced fresh fruits and vegetables, specialty items, high quality meats and seafood and everyday pantry staples. The store will reflect the company’s mission of supporting organic agriculture, local communities and the environment. Midtown Detroit is one of the few neighborhoods in Detroit where job growth is occurring, driven by large employers such as the Detroit Medical Center and Wayne State University. Whole Foods Market officials estimate it will add between 60-75 new jobs in the area.
As the landlord, Ram has undertaken to secure the permits and the financing necessary to develop the site and assist in the construction of the store so that it opens either late in 2012 or early 2013. “The redevelopment of Detroit has always relied on its ability to draw new residents to the City,” remarked Ram Chairman Peter Cummings. “Jobs are critical. An attractive array of well-priced housing is critical. But no single asset is more important to a neighborhood than a well-stocked and well-managed food store like a Whole Foods Market.”
About Ram
Ram is an affiliated group of companies and partnerships that acquire, develop, manage and finance retail and residential properties. The group also selectively acquires debt secured by retail and residential properties. Ram has raised two closed-end private equity real estate funds: Community Reinvestment Partners LP and Ram Realty Partners II LP. Since 1996, the company has deployed $1.5 billion in real estate transactions. Ram is headquartered in Palm Beach Gardens, Florida and has offices in Fort Lauderdale and Tampa, Florida, Charlotte and Chapel Hill, North Carolina and Atlanta, Georgia. For more information, visit www.ramrealestate.com.