Dan Gilbert is at it Again!
Avid Detroit supporter, Dan Gilbert, made a joyous announcement this Wednesday that would benefit Detroit in many ways—both in the real estate market and in the economic sense.
Gilbert is the founder and CEO of Quicken Loans, the online mortgage goliath. Gilbert is also the founder of Rock Ventures and owner of the owner of the National Basketball Association’s Cleveland Cavaliers, the American Hockey League’s Cleveland Monsters, the Arena Football League’s Cleveland Gladiators, the NBA Development League’s Canton Charge, and chairman of JACK Entertainment.
In addition, Gilbert is a major developer and investor in the Detroit Metro area.
One of Gilbert’s current projects is the Book Tower, once known for its magnificence but now a symbol of disrepair and vacancy across Detroit. It was from the lobby of this current renovation which Gilbert delivered his good news via an hour-long press conference.
Gilbert delivered a speech detailing the finalities of his most recent development project. The project would cost approximately $2.1 billion and would consist of four separate downtown developments, transforming the current condition of Detroit’s skyline.
While the project would obviously impact the real estate market—lowering the vacancy rates and improving the overall visual appeal of the city, thus creating a boost in market value rates—it will also have great bearing on the economic structure and stability of the job market for the city.
According to Gilbert’s announcement, the project will create over 24,000 new temporary and permanent jobs for Detroiters.
Gilbert went on to offer his own positive viewpoint of the city’s rebound status of recent years, stating he believed the city was off to a great start in recouping from the economic crisis of the early 2000s which had been plaguing the city for over a decade. He also took a moment to address the possibility of Detroit being able to woo e-commerce giant Amazon into setting up shop within the city’s perimeter—another project which would increase job availability, property values, and economic shifts.