Dan Gilbert's Detroit Buying Spree Continues

Much of what we hear about resurrection in Detroit comes from Dan Gilbert, the billionaire aspiring to own downtown. Over the past five years, Gilbert has invested over $1.5 billion in properties lying fallow since Detroit became poster-city for Rust Belt blight.

The push started when Gilbert moved Quicken Loans' headquarters downtown from the suburbs, bringing with him a young and numerous workforce. "Today, Gilbert and his partners own or control through leases 78 properties downtown, including much of the retail space along Woodward Avenue in the core of downtown."

Offices, residents, and retail have moved into Gilbert's properties, enlivening the street scene under the watchful eye of an extensive private security force. "Gilbert began to station colorful furniture on the sidewalks and plazas outside his buildings. He attracted food trucks and musicians. He even worked with Campus Martius managers to install a sandy beach [at the park]."

Gilbert's plan for downtown has also attracted criticism. "There are also some who feel the renaissance has been a lopsided one, favoring corporations and professionals living and working downtown. Critics stress that the city's neighborhoods and residents, so far, are mostly being left out of the new activity and investment."