Dan Gilbert, the billionaire co-founder of Rocket Mortgage, says he will contribute $1 billion to the redevelopment of the Renaissance Center in Detroit, a set of skyscrapers that formerly housed the headquarters of General Motors. Set along the Detroit River, the center was hailed as a major success in revitalizing the city after riots in the late 1960s, but in recent years it has become almost entirely vacant and fallen into disrepair.
By creating a nonprofit to manage his blockbuster $1 billion commitment, Gilbert says he is sending a signal to city residents that he is not in it for the money.
