Renaissance Center: Gilbert pledges $1 billion to rebuild it
DETROIT. Bedrock founder Dan Gilbert has pledged about $1 billion to a nonprofit that would own and redevelop the Renaissance Center and roughly 35 acres of riverfront around it. Bedrock CEO Jared Fleisher announced the pledge, saying Gilbert's money "will never be repaid" and that neither Gilbert nor his companies will profit from it.
The plan would demolish two of the five towers and replace them with affordable housing, small-business space, and 18 acres of public civic space. Bedrock estimates more than 8,000 construction jobs and 2,600 permanent jobs, with the project priced at $2.24 billion and completion targeted for 2036.
Detroit City Council still has to approve several pieces of the deal. Fleisher says Bedrock needs that approval by Thanksgiving. Asked what happens if the timeline slips, he said, "Nothing good."
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