Bedrock announced its founder Dan Gilbert is making a personal pledge of approximately $1 billion to form a nonprofit organization to own, operate, and redevelop the Renaissance Center and the surrounding 35-acres of riverfront property.
Under this arrangement, neither Gilbert nor his companies would profit from the planned redevelopment of Detroit’s tallest building complex, and Gilbert’s contribution will not be repaid, according to an announcement from Rock Companies.
Instead, the revenue would go towards operating expenses, debt payments, reserves, and other necessities, with surplus funds directed towards “Detroiters and the community,” the press release says.
The organization, which has no name yet, will include Reverend Dr. Wendell Anthony, president of the Detroit Branch of the NAACP on its board of directors, as well as Bill Emerson, former CEO of Rocket Companies. Anthony is tasked with recruiting additional board members, according to the press release.
Bedrock CEO Jared Fleisher broke the news at an Oct. 19 morning press conference.
“Dan will contribute $1 billion, and his contribution will never be repaid,” Fleisher told the crowd. “It is a gift from the heart of one of the most generous and visionary humans God has ever gifted to us all.”
Redeveloping the Renaissance Center
Bedrock says its plan to redevelop the Renaissance Center, which would demolish towers 300 and 400, will include “affordable housing, dedicated space for Detroit-based small businesses, and 18-acres of programmed and publicly accessible civic space.”
It estimates that the project will create over 8,000 local construction jobs and 2,600 permanent jobs. Additionally, Bedrock says that over a 30-year period, the new development would provide $301.5 million in fiscal benefit to the city, and over $3 billion in new visitor spend.
The current redevelopment plan would cost $2.24 billion with an estimated completion date of 2036, according to documents recently obtained by WXYZ.
Mayor, Governor Voice Support
Gilbert himself was not present at the event due to being “in the midst of particularly intensive physical therapy” related to recovery from his stroke, Fleisher shared.
At the press conference, Mayor Mary Sheffield spoke in support of the development.
“I’m thrilled to be here for such a historic announcement for our city that will benefit more than just the riverfront, but the entire city as a whole,” she said. “I want to thank Dan Gilbert for his willingness to take on this massive and complex project, and for his commitment to ensuring that the Renaissance Center remains the Detroit icon that it has always been.”
Deputy Wayne County Executive Assad I. Turfe also delivered remarks in favor of the project, as did Gov. Gretchen Whitmer via a pre-recorded video.
Four city councilmembers were in attendance: Scott Benson, Coleman Young II, Mary Waters, and Renata Miller.
Bedrock’s Path Forward
Bedrock and General Motors are currently taking part in the community benefits process under Detroit’s Community Benefits Ordinance, a law requiring developers to “proactively engage with the community to identify community benefits and address potential negative impacts of certain development projects.”
For the development project to move forward as is, city council still needs to give the green light on several elements of the plan. That includes the project’s Transformational Brownfield tax incentive, approved last week by Detroit Brownfield Redevelopment Authority.
“We really need it to happen by Thanksgiving,” says Fleisher. “Then the state has final sign-off on a couple of aspects of this nonprofit public partnership. Once the state signs off, hopefully sometime in December, we’re off to the races.”
When asked what will happen if the plans aren’t approved on the desired timeline, Fleisher told Hour Detroit, “Nothing good. They need…we need to get this done. There’s no reason not to get it done.”
The building complex, which was declared “functionally obsolete” this month by the Detroit Assessor’s Office, has been largely vacant since its owner, General Motors, moved its headquarters to the Hudson’s Detroit building in January 2026.
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