Downtown Ferndale investment grows 299 percent

Conventional wisdom says that 2008 was one of those years that will live in infamy as far as business goes. Not so for downtown Ferndale.

Investment in the city center jumped to $20 million in 2008 compared to $5 million a year before, representing an increase of 299 percent. That translated to 26 new businesses and a net increase of 225 jobs.

The investment came in a combination of new construction and renovation of existing buildings. The recently finished Lofts on the 9 brought in $9 million while the renovation of the old Ferndale Schools administration building into the new offices of Foley Mansfield brought in another $5 million.

Other smaller renovations helped bump up the amount invested into downtown Ferndale. Long-awaited The Loving Touch and the new downtown home of Blumz by JR Designs are two of the more significant ones. In all 28 buildings were rehabbed, a jump of 40 percent from 2007.

Source: Ferndale Downtown Development Authority
Writer: Jon Zemke