Detroit’s Woodward Ave., transformed
Quicken Loans CEO Dan Gilbert, who moved his firm and thousands of jobs from the suburbs to Detroit, is on the national radar as the most potent new force behind the rehabbing of lower Woodward Ave. into a place you wanna be, 24/7. Excerpt: "Down at street level, [Quicken Loans] Chief Executive Dan Gilbert is already seeking to piece together that vision, buying up real estate along Woodward Avenue, the city's main commercial corridor, and cultivating a new crop of businesses in an attempt to create a self-sustaining mix of residential and commercial development… Real-estate analysts say they are seeing a ripple effect from Mr. Gilbert's spree, as lower vacancy rates and rising rents draw other investors off the sidelines. Lansing, Mich., developer Richard Karp beat more than two dozen competitors to rehabilitate three buildings around downtown's Capitol Park, a $90 million project set to begin this summer. "Gilbert's investment in downtown added to our level of comfort," Mr. Karp said." Read more here.
Quicken Loans CEO Dan Gilbert, who moved his firm and thousands of jobs from the suburbs to Detroit, is on the national radar as the most potent new force behind the rehabbing of lower Woodward Ave. into a place you wanna be, 24/7.
Excerpt:
“Down at street level, [Quicken Loans] Chief Executive Dan Gilbert is already seeking to piece together that vision, buying up real estate along Woodward Avenue, the city’s main commercial corridor, and cultivating a new crop of businesses in an attempt to create a self-sustaining mix of residential and commercial development…
Real-estate analysts say they are seeing a ripple effect from Mr. Gilbert’s spree, as lower vacancy rates and rising rents draw other investors off the sidelines.
Lansing, Mich., developer Richard Karp beat more than two dozen competitors to rehabilitate three buildings around downtown’s Capitol Park, a $90 million project set to begin this summer. “Gilbert’s investment in downtown added to our level of comfort,” Mr. Karp said.”
Read more here.
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