Dan Gilbert Pledges $1 Billion to Nonprofit That Will Own and Redevelop Detroit's Renaissance Center
Businessman Dan Gilbert announced on October 19 that he will pledge $1 billion to create a new nonprofit organization to redevelop and own the Renaissance Center and the east riverfront in Detroit, Wayne County, Michigan.
The unnamed organization, a 501(c)(4) social welfare nonprofit, is slated to own the redeveloped Renaissance Center and a 35-acre riverfront area. The move is the latest step in the $2.2 billion plan proposed by Bedrock and General Motors to tear down the two RenCen towers closest to the Detroit River, expand riverfront attractions on the land and renovate the remaining three towers. The Renaissance Center portion of the redevelopment carries a $1.6 billion budget, with a further $624 million for the east riverfront buildout. Bedrock was previously reported to be contributing $1 billion toward the RenCen portion, with GM contributing $250 million.
The companies are seeking nearly $548 million in state and local tax incentives over 30 years for the project, a request that has drawn considerable pushback at community benefits meetings. The next community benefits meeting is expected on October 20.
Bedrock CEO Jared Fleisher said at an October 19 press conference that the $1 billion contribution is not tax deductible and will never be repaid, and that any future surplus must be reinvested back into the community. Board members of the new organization will include the Rev. Wendell Anthony, president of the Detroit branch of the NAACP, and Bill Emerson, former CEO of Rocket Companies. (GSM, based on Detroit Free Press reporting)
Published by GSM · USA (original Chinese edition)
Photo: 图：底特律文艺复兴中心（资料图）。照片：Wikimedia Commons（公共领域）。Detroit Renaissance Center (file photo). Photo: Wikimedia Commons (public domain).
