Dan Gilbert, founder and chairman of Rocket Companies and Bedrock, pledged $1 billion to redevelop the Renaissance Center and the East Riverfront.
The announcement was made in a press conference on Oct. 19.
According to officials, the funding would establish a nonprofit to redevelop, own and operate the RenCen and the riverfront. Any surplus funds will be reinvested back into the community.
“The Renaissance Center is a symbol of Detroit, and the riverfront is one of Detroit’s most treasured assets,” said Gilbert. “We all share the goals of bringing new life to the Renaissance Center, of building a thriving riverfront district for all to enjoy, and of maximizing positive community impact. I cannot think of better way to accomplish these goals than through a nonprofit organization dedicated to this mission in perpetuity.”
The redevelopment vision includes nearly 1,000 housing units, a family-friendly entertainment and shopping experience, 18 acres of public space active year-round, and tourism and economic opportunity for the city.
“What Dan Gilbert is announcing today is truly historic,” said Detroit Mayor Mary Sheffield. “This was already the largest, most transformative investment ever pledged in Detroit and one of the largest ever in any American city. For Dan to make a billion-dollar investment – and to guarantee that only the city and its people can benefit – truly shows the depth of his generosity and of his commitment to Detroit.”
You can watch the announcement in the video at the top of this article.
Copyright 2026 by WDIV ClickOnDetroit – All rights reserved.