Gilbert Pledges $1 Billion for RenCen, Riverfront

Dan Gilbert has pledged $1 billion as a nonrepayable, non-tax-deductible gift to establish a nonprofit that will redevelop, own and operate Detroit's Renaissance Center and a 35-acre stretch of the east riverfront. The nonprofit has no commercial profit motive; surplus after operating costs, debt payments and reserves will be reinvested in the property and community. Bedrock will manage the project without charge. The $2.2 billion proposal includes demolishing two riverfront-facing RenCen towers, renovating the remaining complex, and creating housing, public spaces and riverfront attractions. Developers say the plan could add about 950 housing units and create thousands of permanent and construction jobs. Nearly $548 million in public incentives are sought over 30 years. The project faces scrutiny over public subsidies and community benefits.