$35 million in foundation funding coming to Detroit Riverfront

The Detroit Riverfront Conservancy is in the midst of one of the largest construction projects along the Detroit River – the Ralph C. Wilson Centennial Park. It is also in the middle of its biggest scandal – its former CFO was accused of embezzling $40 million.

In response to both, the Community Foundation for Southeast Michigan has developed a $35 million fund to ensure work continues on its east and west riverfront projects.

“The Community Foundation for Southeast Michigan is committed to making our region a desirable place to live, work and play. That’s why we need to complete the Detroit Riverfront,” said Richard (Ric) DeVore, president of the Community Foundation for Southeast Michigan. “We are encouraged by how the philanthropic community is stepping up during this critically important time.”

Funding is led by the Ralph C. Wilson Foundation with a $10 million grant. In addition, the Wilson Foundation authorizes the Community Foundation for a $25 million line of credit to pay construction contractors for capital construction projects to be completed by the fall of 2025. The line of credit will reduce with fundraising and any recovery of embezzled funds. .

Upon completion, 5.5 miles of riverfront will be connected. Ralph C. Wilson Park has been under construction for many years and is changing the landscape of the West River. It should be completed next year.