Dan Gilbert pledges $1 billion for nonprofit to redevelop Renaissance Center, east riverfront

DETROIT (FOX 2) - Bedrock founder Dan Gilbert is pledging $1 billion to form a new nonprofit organization to redevelop, own and operate the Renaissance Center and the surrounding east riverfront. 

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The announcement was made Monday by CEO of Bedrock, Jared Fleisher, calling Gilbert "one of one" in his commitment to Detroit. 

Included in the massive project, is 35 acres of the East Riverfront District, without commercial benefit, but to social betterment and "civic betterment in perpetuity," Fleisher said.

Any money left over after the project will be earmarked for reinvestment back into the community.

"It means that Dan will contribute $1 billion, not tax-deductible," he said. "By the way, for any cynics out there, the nonprofit is a 501 C4 organization. And, for our friends in the political world, you can all attest that these are not tax-deductible contributions. It means Dan will contribute $1 billion and his contribution will never be repaid."

The project is expected to create 3,000 permanent jobs and over the course of the redevelopment, 8,000 skilled trade jobs for a decade.

Renaissance Center Redevelopment

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It is expected to create about 950 new housing units, which Fleisher says will be affordable housing.

Fleisher spoke about the plan, which would create about 18 acres of public space. 

"The vision is to anchor the district around 18 acres of public space," he said. "This is not a gated, exclusive riverfront, a riverfront for everybody. The vision is to anchor the district around 18 acres of public space that not passive public space, but active civic space programed throughout the year."

Among the events, Fleisher said expect scheduled events there from summer programs and concerts to the holidays every December.

"We're going to be making a historic investment in workforce development so that the children of this city can grow up building the future of their city," he said. "That is the vision that the new nonprofit organization will carry forward. But it is a vision possible only because Dan Gilbert is different, because he is one of one in his generosity, vision and commitment to the city."

The billionaire business entrepreneur and philanthropist was not in attendance, due to intensive rehabilitation for his ongoing recovery after his stroke which took place in 2019.

"Some of us encouraged him to take the morning off," Fleisher said. "We had a little bit of an ulterior motive because we can get away with saying things about him, we would never get away with saying, if he were here.

"Dan Gilbert is different in the depth and intensity of his commitment to the city. And how passionately he cares about the city, about how much he gives to the city, and how central uplifting this city is to his life, and his life's work."

Stay with FOX 2 for more on this developing story. 

Watch the full press conference below or on the City of Detroit's YouTube page HERE.

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