Monday, January 14, 2013
Say Something Good About Detroit: Detroit 2.0
If Detroit is going to undergo a successful revival it will be through entrepreneurs like Dan Gilbert, a former area native who has gone onto great success though his businesses like Rock Financial and Quicken. He also is the majority owner of the Cleveland Cavaliers. He was born and raised in the Detroit area and attended Wayne State University.
The Quicken Loans founder and chairman announced he has bought five more buildings in downtown
The buying spree brings the total bought by Gilbert and his partners to 15 buildings in the city’s core totaling 2.6 million square feet of commercial space, plus two parking garages with a combined 3,500 parking spaces. Last month, the Gilbert team also broke ground on a 33,000-square-foot specialty 10-story parking garage with ground floor retail downtown.
The partners operate through Rock Ventures, the umbrella entity that oversees Gilbert’s portfolio of companies, investments, and real estate, of which the flagship part is Quicken Loans, the nation’s biggest online home mortgage lender.
Gilbert has said many times that he is buying so much real estate to help launch what he calls Detroit 2.0 – a lively live-work-play district in the heart of the city based around entrepreneurial companies in the digital economy. He has already filled up most of his major purchases, like the Chase Tower and First National buildings, with employees of Quicken or its various spin-off firms.
“It has been an exciting year of opportunity in Detroit,” Gilbert said in a statement released by Quicken. “Our focus in 2013 will be on the three R’s – residential, rail and retail – all of which are vital in creating the vibrant, thriving urban core that we all envision.”
The buildings Gilbert has purchased are in the very heart of downtown Detroit, which is where any true revival much take place.