Resources:
Rylee Barnsdale's Feature Article: Local company hopes to "preserve the spirit" of downtown Ypsi with Michigan Ave. acquisition
Ypsilanti Downtown Development Authority
Transcription:
Rylee Barnsdale: You're listening to 89 one WEMU. I'm Rylee Barnsdale, and this is On the Ground Ypsi. The Ypsilanti-based residential real estate company Yarrow hopes to uplift local business in downtown Ypsi with its recent purchase of 114 West Michigan Avenue. This building was formerly occupied by the Unicorn Feed and Supply Gift Shop and is currently home to the event venue Yours Truly. Joining me today is Yarrow co-founder Dylan Cinti to tell us a little bit about this expansion and what it means for both his company and for Ypsi downtown spaces. Hi, Dylan! Thanks so much for being here today!
Dylan Cinti: Hi! Thanks for having me, Rylee! Appreciate it.
Rylee Barnsdale: So, for folks who are unaware of Yarrow and the work that you do, can you give us just a brief rundown of what your day-to-day kind of looks like with your company?
Dylan Cinti: Yeah. We founded Yarrow based on a pretty simple idea, which is we wanted to provide people making around the median income of Ypsi, which is right around 40-K, to provide them with places that they would be really proud to call home. The inspiration for the company, really, is based, in my experience as a renter in Ann Arbor. After living in a bunch of different rentals, I ended up in an apartment, where it was just so nicely appointed and that I felt a sense of inner peace. And it really translated to the rest of my life. My mental health improved, my performance at work, etc. So, we wanted to provide units and residential spaces where people who are working, what I think, are the most important jobs in our society: social workers, teachers, city workers, people who are really contributing enormous value, but not making, in my opinion, a salary that reflects that value. We wanted to give them places that they would love. So, that's sort of the roundabout answer. And our first building--we bought in 2021 in Ypsi Township. And I guess what makes us unique in this space is that we focus on buying properties that if, let's say, have seen better days but have potential charm and historic features. So, we look for certain things when we are considering a building to buy, but then really reinvesting in that property via capital improvements, remodel projects and just putting our resources back into the property to create the best, most livable experience--a place that you're proud to bring your family and friends. We've been active since 2021, but we only formally branded as Yarrow in 2023.
Rylee Barnsdale: So, relatively recent, too, but still kind of making those strides into the community and hopefully becoming a community fixture, so to speak.
Dylan Cinti: That's right! We consider the success of Yarrow to be inextricably bound up in the success of Ypsi as a whole. And we believe that that success comes from within the city of Ypsi--those small businesses that really give Ypsi its its unique charm. So, a big part of our day-to-day involves community-based work, both in the marketing of other companies. So, one thing that's unique about Yarrow is that around 80% of our marketing spend is focused on highlighting small businesses in and around Ypsi. We have a video series called "Around Ypsi." We put a lot of resources into creating really professionally produced videos that shine a light on small business. And in addition, I'm somebody who's involved in local efforts to improve the community. So, I'm a member of the Downtown Development Authority's Equitable Investment Subcommittee. And our goal there is to work at the intersection of government and small business to think about how can we keep businesses around Ypsi longer? How can we make Ypsi more of a destination city? How can we make Ypsi a place where you spend an entire afternoon rather than just going to Bellflower or just going to Depot Town, let's say?
Rylee Barnsdale: Is that where this desire to branch off from just those residential locations into the commercial space as well? Is that kind of why we now see Yarrow in downtown?
Dylan Cinti: Yeah. Our goal from day one was to move into the commercial space and focus on mixed-use buildings because we see the biggest potential for impact in the commercial space. If we can have a hand in supporting directly small businesses via being the stewards of those buildings, making sure that rent remains fair and that there's no surprises year over year and also doing what we can to prop up businesses, being in the commercial space is the most direct way to do that. And this incredible opportunity came with 114 West Michigan. It didn't seem like it would be feasible financially because, to go back to what I was saying earlier, we reinvest in our properties, and our margins are razor thin. We don't have a lot off liquid capital. We're very deliberately reinvesting. But we wanted to find a way to make 114 West Michigan work because the way that the building had been managed and owned prior by Jen Eastridge, who is the former owner of Unicorn Feed and Supply and Stone and Spoon, was just such a great example of building stewardship done right. She was a pillar of the community. And then, as a landlord, which is not a word I love, but as a landlord or a building manager to Yours Truly, the event venue, she was very generous and accessible and prompt in handling any issues that arose. So, we saw within that building, it's not just a gorgeous building. And if you drive down Michigan Avenue, it's one that really pops. And that's an exterior color that Jen chose and got approved by the Historic District Commission. It's the way that she ran it, and her principles as a business person and a person-person that made my brother and I think we have to make this work. And I would be remiss if I didn't mention that we were not the highest offer. She had at least one, if not more, higher offers. She chose us because we wrote her a letter where we were very honest about what we lack in capital and paying a premium, we will make up for in carrying on your level of building stewardship.
Rylee Barnsdale: This is WEMU's On the Ground Ypsi. I'm Rylee Barnsdale, chatting with Dylan Cinti, the co-founder of local real estate company Yarrow. Dylan, as we briefly mentioned, and I'm sure you're aware, downtown Ypsi saw a lot of businesses close over this past year. And some of which were businesses that had been staples of the downtown space that had been there for several years. Do you see this expansion onto Michigan Ave with Yours Truly as a way for Yarrow to maybe keep more businesses' doors open longer?
Dylan Cinti: 100%! As a building owner, I think one has a responsibility to be a participant in the downtown space in a positive way. One of the things I want to prevent from happening is for outside interests to come into Ypsi, snatch up a bunch of buildings and have absolutely no concern or regard for the types of businesses that they're putting in those buildings. That's what happens when investors in places like California or just outside investors see opportunity in a place like Ypsi. And I feel strongly that when building stewardship happens at the local level, when the people who own those buildings are walking the streets and have a stake in that city, that leads to a more thriving downtown. So, I do feel that by, literally, having a footprint in the downtown space, that's a step in the right direction for us. And there are several other folks who own businesses who I think are really doing it right, as far as looking for ways to be supportive to small businesses and looking for ways to improve longevity. And that's something that we're doing within the Downtown Development Authority as well, where we're trying to answer the question of, "Why do so many businesses close after 1 to 2 years in Ypsi?" Bloom Art Gallery is a great example of a fantastic business value prop that wasn't even in its space for, I think, eight months. And we would love to see it around longer. And there's a number of things that we can do at the government level and at the city level to help businesses improve their long-term viability. One of those is to think about the composition of downtown. If you walk down Michigan Avenue, are there enough different and diverse types of businesses to keep people for several hours, as opposed to just that one-stop?
Rylee Barnsdale: Right.
Dylan Cinti: And I think kitschy vintage stores are fantastic. And there's a number of really special places in Ypsi that provide that, but then making sure there's a coffee shop where you can sit and spend an afternoon. And I was really excited to learn that a place called Book Love Bar. I hope I'm getting this right, but it's a mix of cafe, cocktails and books. I think that's going to do so much to just to prop up that downtown space. And let's say that Book Love Bar had been around when Bloom was around, then it's more likely that people would have, after getting a coffee and sitting for a few hours, maybe walk down the street to this art studio. And then, another example, I think, of what we can do to prop up business is create a greater sense of cohesion and collaboration across small businesses. One of the things that I did in the discovery process for Yarrow was talk to a lot of small business owners around Ypsi. And what I gathered was that there was a real sense of isolation among small business owners, like they alone were going to be responsible for the success or failure of their business. They didn't feel like they had community resources or partnerships with other businesses to fall back on. So, what can we do to create that sense of cohesion? And I have some ideas around that as well.
Rylee Barnsdale: Well, thank you so much for being here today, Dylan! I really appreciate you coming in and giving us an idea of the work you're doing over at Yarrow and the uplifting that you're doing of these businesses through social media as well. So, thank you so much for sharing that!
Dylan Cinti: Absolutely! Thank you! Appreciate it!
Rylee Barnsdale: For more information on today's topic and links to the full article, visit our website at wemu.org. On the Ground Ypsi is brought to you in partnership with Concentrate Media. I'm Rylee Barnsdale, and this is your community NPR station, 89 one WEMU FM Ypsilanti.
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