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

Dan Gilbert, billionaire co-founder of Rocket Mortgage, has announced a $1 billion commitment to redevelop Detroit’s Renaissance Center. The project, which includes investments from General Motors, could reach a total cost of $2.2 billion.

The Renaissance Center, a complex of skyscrapers along the Detroit River that formerly served as General Motors headquarters, has recently faced high vacancy rates and disrepair. To manage the redevelopment, Gilbert is establishing a 501(c)(4) nonprofit organization, stating the structure signals that the project is focused on community impact rather than profit.

Local officials, including Jamaine Dickens of the city Neighborhood Advisory Council, noted that the project could generate approximately 8,000 local construction jobs and revitalize the riverfront as a communal space for the city.