DETROIT (Michigan News Source) – Billionaire mortgage mogul Dan Gilbert’s real estate firm is asking for $250 million in taxpayer funds to redevelop the Detroit’s Renaissance Center by taking down two towers and redevelop the other three.
The CEO of Bedrock Detroit, Gilbert’s real estate company, described the proposal as “right-sizing” the area for downtown living and work use.
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In addition, General Motors and Bedrock are seeking $100 million from the Detroit Development Authority (DDA).
The proposal could be passed by the lame duck Democratic majority in Lansing, or it could be tabled until the new year when the Republican House takes over.
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