DETROIT MILLIONAIRE TO INVEST $500M FOR MOTOR CITY’S REVITALIZATION
During an interview aired last Thursday on “CBS This Morning”, Dan Gilbert announced that he’s planning to invest half a billion dollars over the next 10 years meant to reinvigorate Detroit’s neighborhoods.
If you don’t know who Dan Gilbert is, he is the owner of the renowned Cleveland Cavaliers and founder of the Quicken Loans Inc. He suffered from a stroke May 26, 2019 and is currently spending months in rehabilitation. After the incident, he told the press “You start to appreciate everybody and everything more than you did. When you have a stroke, it’s like the whole family had a stroke”.
Dan Gilbert moved his mortgage and real estate development company from Livonia to downtown Detroit 2010. With more than 17,000 employees working for him and his affiliate companies, they are considered to be the motor city’s largest employer. Currently, his “Bedrock” company owns more than 100 properties in Detroit.
As of today, Gilbert has already invested and committed more than $5 billion dollars in an effort to revitalize Detroit’s economy and bring it back to its former glory.
According to Jay Farner, the CEO of Gilbert’s mortgage company, the $500M investment will start with a $15 Million kick off meant to cover overdue property taxes that cover about 20,000 homes.