DETROIT, Mich. — Dan Gilbert will put $1 billion he does not expect back into a new nonprofit that would take over, rebuild and run the Renaissance Center and roughly 35 acres of Detroit’s east riverfront, officials said Monday.
Under the new setup, the nonprofit rather than General Motors or Bedrock would hold the renovated complex, a board would oversee it, and any profit would go back into the community. It is set up as a 501(c)(4) social welfare group. Detroit NAACP Branch president the Rev. Wendell Anthony and former Rocket Companies chief Bill Emerson are the first board members.
The roughly $2.24 billion plan would knock down the two towers nearest the Detroit River to make room for five acres of park, cut the Marriott tower from about 1,300 rooms to 858, turn the 100 Tower into housing and renovate the 200 Tower as offices. Demolition is slated for 2027 through 2031, and the housing conversion would yield around 384 apartments.
Backers project more than 8,000 construction jobs and 2,600 permanent ones. Bedrock wants the Detroit City Council to sign off by Thanksgiving on a community benefits deal and tax breaks, so the state can weigh a $300 million brownfield package before Gov. Gretchen Whitmer leaves office. The Downtown Development Authority has already committed $75 million.
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