Monday, January 14, 2013

Say Something Good About Detroit: Detroit 2.0

 This information comes from an article in Detroit Free Press by John Gallagher

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. 


Charles Gramlich said...

Here's hoping.

R.T. said...

Cities can only prosper if their tax revenue can support them. In too many cities--Detroit included--those who remain are fewer and fewer residents and businesses (with the latter dwindling and the former not making much a financial contribution to the city). The flight to suburbia in many cities began long ago (60s and 70s), coincidental perhaps with the emergence of "Great Society" policies. Hence, the outlook is not good.

pattinase (abbott) said...

No, as long as people are not moving into the city and small business, things do not look great. But here's hoping as Charles said. Tax abatements encourage growth but do not enrich the tax base and Detroit gives out a lot.

Margot Kinberg said...

Patti - This is something I never even knew, so thanks. And I couldn't agree more that if the heart of a city isn't nourished, the rest of the city withers.