Angela Rutherford and Ping Ho packed their boxes and left their corporate jobs in New York City to move to Detroit. The pair saw an opportunity to start their very own business in the fast-growing city. The business plan focused around a classic, historically-rooted wine bar and shop located in the over 300 year old city with an emphasis on sustainable vinyards.
The women had a solid business plan and a passion for their product, but a limited knowledge of the Detroit and its evolving neighborhoods. They had everything but the space for their new small business endeavor. The ICONIC team was brought in to help The Royce find their ideal location.
ICONIC used its extensive knowledge of the Detroit real estate landscape and ongoing research into the ever changing city hot-spots to streamline the search for The Royce. The team quickly narrowed down the search to three neighborhoods: Capitol Park, Grand Circus Park and Midtown as the areas with the highest sales volumes to rent ratios.
The ICONIC team wanted to do more than find a space for Angela and Ping. The duo chose Detroit because of the city’s architecture, growing business landscape and population shifts, but they had limited knowledge of specifics. ICONIC became a partner to the pair, guiding them to a prosperous neighborhood that could support a new small business like The Royce while driving value to their economics.
The Royce needed a location that was a good fit in the moment and in the future. With their budget modest and their passion big, the ICONIC team wanted to ensure that Angela and Ping started off on the right foot. The team used their business savvy to find a location with a growing population that would generate the highest sales volume with the lowest effective rent.
The pair, with the guidance of the ICONIC team, decided on the Kales Building located in Grand Circus Park. The building is one of the earliest rehabilitation projects in the city, established with over 100 residents and two retail spaces. The surrounding neighborhood was already densely populated and continually growing with new residences and businesses. Anchored in a residential building amidst the footings of all the major sporting and performing arts venues, The Royce is now a popular gem amongst local Detroiters and urban visitors.
KEES JANEWAY
2000