DETROIT — Dan Gilbert, founder and chairman of mortgage giant Rocket Cos. and real estate company Bedrock, has pledged to commit roughly $1 billion in capital for the redevelopment of Renaissance Center, a landmarked mixed-use property in Detroit. The overall redevelopment cost is currently projected to be $2.2 billion.
As part of the pledge, a new nonprofit organization will be formed to own, redevelop and operate the development and the surrounding Riverfront District. Bedrock will provide project management services on behalf of the nonprofit at no cost.
According to the Detroit Historical Society, construction on Renaissance Center originally began in 1973. The first tower opened in 1976. General Motors purchased the development in 1996 for $73 million to serve as its global headquarters. In 2004, General Motors completed a $500 million renovation of the property. In January, the company completed its move to a new headquarters at Hudson’s Detroit.
In 2024, Bedrock and General Motors established a partnership to explore redevelopment opportunities at Renaissance Center, announcing a conceptual plan for the redevelopment in November of that year.
According to Crain’s Detroit Business, Renaissance Center is currently still owned by General Motors, and Dave Massaron — the company’s vice president of infrastructure and corporate citizenship — says that attorneys are still working on the details of the future ownership structure under the new nonprofit.
Plans for the redevelopment include new amenities, affordable housing, dedicated space for small businesses and demolishing two 39-story office towers to create 18 acres of civic space. Additionally, the 727-foot Marriott-branded hotel tower will be reduced from 1,300 rooms to 858, with the top floors converted to residential units. Plans also include a new marina, reports Crain’s.
The project is expected to create an estimated 8,000 construction jobs and 2,600 permanent jobs locally. The 30-year direct fiscal benefit to the City of Detroit is estimated at $301.5 million, and the redeveloped district is expected to generate approximately $3 billion in new visitor spending over the same period.
Earlier this month, local outlets reported that the Detroit Assessor’s Office officially declared the complex “functionally obsolete,” which will allow the nonprofit to pursue public incentives for the project.
In a statement, Gilbert, who also owns the NBA’s Cleveland Cavaliers, described Renaissance Center as “a symbol of Detroit,” and the larger Riverfront District as “one of Detroit’s most treasured assets.”
“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,” Gilbert said. “I cannot think of [a] better way to accomplish these goals than through a nonprofit organization dedicated to this mission in perpetuity.”
According to a press release, Gilbert and his companies will receive no profits from the redevelopment. Since 2011, Bedrock has invested and committed more than $7.5 billion to develop and restore more than 140 properties totaling over 21 million square feet of office, retail, residential, hospitality, industrial, data centers and parking.
— Hayden Spiess