Ye Olde Butcher Shoppe, Inc.
7,800 square feet1
1. Retail space
Urban Retail Loan Fund - closed November 2009
Ye Olde Butcher Shoppe is designed to be a full-service gourmet food store located at 3100 Woodward Avenue. The store will be a seven-day per week operation featuring fresh meat, poultry, seafood and produce as well as prepared foods, baked goods and canned goods. The co-owners and operators have been actively involved in the butcher shop, deli and grocery business for over 30 years in Detroit. The Shoppe will utilize the entire first-floor commercial space of the Crystal Lofts Building in the area known as Midtown.
The Detroit Urban Retail Loan Fund provided a term loan for the purchase of equipment. Additionally, the co-owners of Ye Olde Butcher invested their own equity in the project.
The Detroit Urban Retail Loan Fund considered this transaction to be an opportunity to provide financing that would act as a catalyst for residential and neighborhood development in Detroit’s Greater Downtown. The launch of this new Neighborhood Retail business in a previously vacant storefront will provide necessary goods and services to the residents in the area and promote a high quality of life. The operation is expected to add 15 full-time equivalent jobs in Detroit.