In 1970 Henry Ford teamed up with 7 other leading business men to form Detroit Renaissance a non profit development organization with the purpose of stimulating new building activity in the city. The group announced the first project in 1971, the Renaissance Center. The project was intended to revitalize the economy of Detroit. In its first year it generated over $1 billion in economic growth for the downtown. The doors to the Renaissance center finally opened in July 1, 1976. The Renaissance Center offered growing job opportunities as the new building attracted business, the grand total of new job escalated 8,000 positions. Detroit's Renaissance Center was an attempt to protect the value of existing investments and provide future profit opportunities by creating something that would lure in investors, big corporations, companies, and increase the population. with hopes of keeping the momentum going the first black mayor of Detroit was elected, Coleman Young.