Billionaire's Optimism on Downtown Detroit is Contagious
"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."