*Detroit has been financially embattled for some time, so a bankruptcy seemed like the natural next step that no one wanted to admit.
But Dan Gilbert, owner of the Cleveland Cavaliers who is also a native of the Detroit area, has swooped into the city and has purchased prime real estate in the downtown area since 2010.
Gilbert is also the chairman of Quicken Loans which he headquartered in Detroit and is now planning to go bigger and better. Where Detroit has a half-built jail site, Gilbert has planned a $500 million revamp of the area through his company Rock Ventures LLC that includes retail, housing and parking. (more…)