Published On: Mon, Feb 2nd, 2015

Billionaire Dan Gilbert Interested in Developing Detroit Enclave

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Dan Gilbert, the founder of mortgage lender Quicken Loans who has helped revitalize the city of Detroit with investment of over $1 billion in real estate, is looking to develop a new piece of property in the city.

Gilbert has his eyes on a largely vacant 8.4-acre portion of Brush Park, an enclave just north of downtown that once housed some of the city’s wealthiest families, Crain’s Detroit Business said.

Part of the neighborhood, which remains dotted with many dilapidated vacant homes, is included in the requests for proposals that Detroit has or plans to issue for development or redevelopment in the city, the report said.

Multiple developers are interested in the seven city-owned sites, which are spread throughout the city. In Brush Park, Gilbert’s Bedrock Real Estate Services LLC is one of nine bidders seeking the city’s approval to redevelop a portion of the 100-acre-plus neighborhood, the website said.

Steve Rosenthal, principal with Bedrock, said in a statement emailed to Crain’s that the proposal provides an opportunity for the company and its affiliates to use their expertise and resources “to ensure this project is successful”, the report said.

The city has spent more than $39 million in that area since 2001 on things like infrastructure, demolition, land acquisition and historic rehabilitation, priming it for redevelopment, Crain’s said.

Gilbert is considered one of the city of Detroit’s biggest boosters as his companies have snapped up dozens of downtown Detroit buildings, brought in thousands of employees, and donated money to numerous community causes, Reuters said.

Gilbert previously chaired a presidential task force that cataloged Detroit’s widespread problem of dilapidated and vacant mostly residential properties, according to Reuters.

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