Dan Gilbert pledges $1 billion to redevelop Detroit's Renaissance Center

Summarised from 2 outlets · Updated 21 Oct, 21:32 · Archive

Dan Gilbert, co-founder of Rocket Mortgage, pledges $1 billion to redevelop Detroit's Renaissance Center.

Dan Gilbert, the billionaire co-founder of Rocket Mortgage, has pledged $1 billion to redevelop Detroit's Renaissance Center, a set of skyscrapers along the Detroit River that formerly housed General Motors headquarters. The center was initially hailed as a major success in revitalising the city after riots in the late 1960s, but has become almost entirely vacant and fallen into disrepair in recent years.

The total cost of the project may reach $2.2 billion and includes investments from General Motors. Gilbert says he will manage his contribution through a nonprofit organisation, which he describes as 'a nonprofit organization dedicated to this mission in perpetuity'. The new organisation will be structured as a 501(c)(4) nonprofit, which can engage in unlimited lobbying, and donations to such organisations are not tax-deductible.

Jamaine Dickens, chair of the city Neighbourhood Advisory Council for the section where the Renaissance Center is located, said the project could generate 8,000 local construction jobs and make the riverfront 'a more inviting place'. He added that the riverfront is 'where everyone comes together and enjoys it all at the same time, despite age, despite gender, despite race'.

How it is being reported

• Dan Gilbert pledges $1 billion to redevelop Detroit's Renaissance CenterDan Gilbert, co-founder of Rocket Mortgage, says he will contribute $1 billion to redevelop Detroit's Renaissance Center.Clickorlando · 21 Oct, 21:00
• Dan Gilbert pledges $1 billion to redevelop Detroit's Renaissance CenterDan Gilbert, co-founder of Rocket Mortgage, says he will contribute $1 billion to redevelop Detroit's Renaissance Center.News4Jax · 21 Oct, 21:00

In this story: Dan Gilbert · Rocket Mortgage · General Motors · Detroit · Jamaine Dickens

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