(WXYZ) — Monday marked a major step forward in the future of Detroit’s Renaissance Center as Dan Gilbert announced a new nonprofit to redevelop, own and operate the landmark and east riverfront district.
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Gilbert, founder and chairman of Rocket Companies and Bedrock, pledged $1 billion for the effort, which is reportedly believed to be the largest contribution to a non-profit redevelopment in the history of the country.
Hear more from city, state and county officials in the video below
“The Renaissance Center is a symbol of Detroit, and the riverfront is one of Detroit’s most treasured assets,” said Gilbert in a statement. “We all share the goals of bringing new life to the Renaissance Center, of building a thriving riverfront district for all to enjoy, and of maximizing positive community impact. I cannot think of better way to accomplish these goals than through a nonprofit organization dedicated to this mission in perpetuity.”
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The plan is to transform the Renaissance Center and the 35-acre district into a family-friendly waterfront destination. The vision reportedly includes affordable housing, space for Detroit-based small businesses and the community. The redevelopment, according to Rocket, is expected to create thousands of local construction jobs and 2,600 permanent jobs.
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According to a Rocket release, after the project is finished, revenue will cover necessary expenses with surplus funds aimed at supporting Detroiters.
Reverend Dr. Wendell Anthony, president of the Detroit Branch of the NAACP, and Bill Emerson, the former CEO of Rocket Companies, were selected to serve on the inaugural Board of Directors and help build a board to oversee the 501(c)(4).
More details about the nonprofit are expected to be revealed at a later date.
The $2.24 billion project is set to begin in 2027 and officials are seeking a $300 million Transformation Brownfield Program package. That package breaks down to:
- $96 million for demolition
- $82 million for site improvements
- $90 million for building restoration
- $32 million for building restoration
The plan has already gotten $75 million in incentives from the Downtown Development Authority.
Under the plan, two of the towers of the Renaissance Center would be demolished. Each tower features 675,200 square feet of space, and the five-story podium that encase the tower will also be demolished.
Demolition is set to begin in 2027 and won't be completed until 2031, according to the plan. It also includes redeveloping the hotel room in the center tower.
Phase two of the project starts in 2033 and includes plans to turn Tower 100 into housing. It will create around 384 apartments. That's set to last until 2036. The third phase includes modernizing Tower 200's office space and is planned for 2034-2036.
As for the RiverEast District, phase one is from 2028-2031 and includes the Marina, Public Realm Improvements, Retail and Entertainment anchor. Phase two is set to be from 2031-2034 and Phase three, which includes multi-family and entertainment will be from 2032-2036.
