(WXYZ) – Monday marked a major step in the future of Detroit’s Renaissance Center as Dan Gilbert announced the creation of a new nonprofit organization to redevelop, own and operate the historic, waterfront eastside district.
Related story: Detroit’s Renaissance Center waterfront community center opens for public participation
Detroit’s Renaissance Center waterfront community center opens its doors to public participation
Gilbert, founder and chairman of Rocket Companies and Bedrock, pledged $1 billion for the effort, which would be considered the largest contribution to a nonprofit redevelopment in the nation’s history.
Hear more from city, state and county officials in the video below
Sheffield, Whitmer and others talk about new nonprofit to run Ren Cen
“The Renaissance Center is a symbol of Detroit, and the riverfront is one of Detroit’s most valuable assets,” Gilbert said in a statement. “We all share the goals of bringing new life to the Renaissance Center, building a thriving waterfront neighborhood for all to enjoy, and maximizing positive impact on the community. I can’t think of a better way to achieve these goals than through a nonprofit organization dedicated to this mission in perpetuity.”
Previous coverage: Detroit residents react after Duggan addresses Renaissance Center changes
‘A staple of our community’: Detroiters react after Mayor Duggan addresses changes to the Renaissance Center
The plan is to transform the Renaissance Center and 35-acre neighborhood into a family-friendly waterfront destination. The vision would include affordable housing, space for Detroit-based small businesses and the community. According to Rocket, the redevelopment is expected to create thousands of local construction jobs and 2,600 permanent jobs.
Watch below: Renaissance Center redevelopment plan calls for $473 million in additional tax incentives for $2.24 billion project
Renaissance Center redevelopment plan calls for $473 million in additional tax incentives for $2.24 billion project
According to a release from Rocket, once the project is completed, revenues will cover necessary expenses using excess funds intended to support the residents of Detroit.
Rev. Dr. Wendell Anthony, president of the Detroit branch of the NAACP, and Bill Emerson, former CEO of Rocket Companies, were selected to serve on the first board of directors and help form a board to oversee the 501(c)(4).
More details about the nonprofit are expected to be revealed at a later date.
The $2.24 billion project is expected to start in 2027 and officials are seeking a $300 million brownfield transformation program. This package is broken down into:
- $96 million for demolition
- $82 million for site improvements
- $90 million for building restoration
- $32 million for building restoration
The plan has already received $75 million in incentives from the Downtown Development Authority.
According to the plan, two of the Renaissance Center’s towers would be demolished. Each tower has 675,200 square feet of space and the five-story podium surrounding the tower will also be demolished.
Demolition is expected to begin in 2027 and will not be completed until 2031, according to the plan. It also includes the redevelopment of the central tower hotel room.
The second phase of the project begins in 2033 and plans to transform Tower 100 into housing. It will create approximately 384 apartments. This is expected to last until 2036. The third phase includes the modernization of Tower 200 offices and is planned for 2034-2036.
As for the RiverEast district, the first phase runs from 2028 to 2031 and includes the marina, public realm improvements, retail and entertainment. Phase two is expected to run from 2031 to 2034 and phase three, which includes multifamily housing and entertainment, will run from 2032 to 2036.
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