November 28, 2016
Dan Gilbert, founder and chairman of Quicken Loans Inc. and development company Rock Ventures LLC, recently shared his commercial real estate vision for Detroit. Gilbert told Crain’s Detroit Business that another of his companies, Bedrock LLC, has about $3 billion in projects that are ready to go in and around Detroit. The company is, however, pushing for a proposed law that would grant tax breaks for “transformational” projects around Michigan. Bedrock currently has five large-scale redevelopments throughout downtown Detroit.
Gilbert also shared the reason why he said 10 million square feet of new office space is needed for Detroit, a figure he said he got by calculating the corporate rate of growth (based on proposed GDP). He said that the figure is based only on tenant expansion, rather than corporate relocation. “You don’t need [a large tenant coming downtown to build], but they will and they are,” he added.
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