Gilbert unveils $2 billion development projects in Detroit

- Dan Gilbert announced four major projects to building, renovate, and reshape the city's skyline at a cost of $2 billion.

Gilbert made the announcement on Wednesday, declaring 'Detroit is going vertical'. He said that the $2 billion investment will shape the city's economy and skyline.

"We are finally going to create jobs for the citizens of the city of Detroit! Isn't that a wonderful thing?" said Mike Aaron, President of Laborers' Local 1191.

The plan would bring in 24,000 jobs to Detroit, according to Gilbert.

"We're gonna do great things, we're just starting. We're just scratching the surface. We gotta start thinking big," Gilbert said.

Of the 24,000 jobs, 15,000 would be construction and 9,000 would be permanent positions in the four-project plan that Gilber says will transform downtown Detroits core and reshape the city's skyline.

"This is a day we've been waiting for for a long time. Detroit is going vertical," Mayor Mike Duggan said.

The project will start with the redevelopment of the Hudson's site. The $900 million plans would develop the tallest tower in the city.

"That site has been a hole in the city of Detroit and a hole in our hearts and it's now going to be filled," Duggan said.

Next would be a $830 million transformation of the Monroe Blocks which includes a 35-story office tower. Third would be a $313 million renovation of the Book building and tower and would bring in 577 residential units.

"Healthier workers create a healthier downtown and a healthier downtown creates healthier neighborhoods. That's just a fact," Gilbert said.

The final project in this plan would expand Campus Martius at a cost of $95 million. Combined, Gilbert says these plans are two-and-half times the cost of the Little Caesars Arena, they require more workers than the arena, and generate even more optimism.

"To see this is emotionally powerful for every longtime Detroiter," Duggan said.

Gilbert says the addition to campus Martius should be done in about two years and all four projects should be done in five.

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