By investing $1.3 billion in downtown Detroit, Dan Gilbert's bullish attitude towards the city's future has stood out amidst the city's recent troubles. But developers are beginning to buy into his rosy vision for the Motor City.
"Despite a fiscal plight that forced the city to seek Chapter 9 bankruptcy protection five months ago, the real-estate market has been picking up in Detroit's downtown core," observes Matthew Dolan. "Mr. Gilbert has led the charge by buying dozens of properties and moving in 3,800 of his employees from suburban offices and creating another 6,500 jobs downtown since 2010, according to the company."
"But lately, other investors have begun buying trophy buildings and starting to develop apartments to meet the rising demand from workers who prefer downtown living," he adds. "The projects show that some real-estate investors are looking beyond the bankruptcy to an eventual rebound in Detroit."
Read the full story: Billionaire's Detroit Buying Spree Starts to Spread
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Quicken Loans founder Dan Gilbert has an urbanist streak. And only people with his kind of money can singlehandedly buy out big chunks of downtown Detroit. But will his approach to neighborhood-making actually benefit the city as a whole?
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Rather than succumb to the negative news surrounding Detroit's dire financial situation, businessman and booster Dan Gilbert is doubling down on his extensive investment in the city with an ambitious effort to enliven downtown's public spaces.
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A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
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