Detroit – October 19, 2026 -- Dan Gilbert, founder and chairman of Rocket Companies and Bedrock, pledged approximately $1 billion in development capital to a new nonprofit that will redevelop, own and operate the Renaissance Center and the surrounding 35-acre east riverfront district. The gift will not be repaid, and Gilbert and his companies will receive no profits from the project.
The project carries a $2.2 billion development plan. The district currently consists largely of surface parking lots.
Surplus revenue will flow to Detroit after debt and reserves are covered
After completion, revenue will first cover operating expenses, debt payments, reserves and necessary reinvestment in the properties. Any surplus will support Detroiters and the community. The nonprofit will be structured as a 501(c)(4) social welfare organization. Contributions to 501(c)(4) organizations are not deductible as charitable contributions for federal income tax purposes.
Bedrock will provide project management services to the nonprofit at no cost.
Redevelopment projects 8,000 construction jobs and $3.03 billion in visitor spend
The plan includes affordable housing, dedicated space for Detroit-based small businesses, and 18 acres of programmed, publicly accessible civic space. It is anticipated to create more than 8,000 local construction jobs and 2,600 permanent jobs.
The 30-year direct fiscal benefit to the City of Detroit is estimated at $301.5 million. The district is also expected to generate $3.03 billion in new visitor spend over the same period.
Anthony and Emerson join inaugural board; GM profits earmarked for education
Reverend Dr. Wendell Anthony, president of the Detroit Branch of the NAACP, will serve on the inaugural Board of Directors and help lead recruitment of a diverse and experienced board. Bill Emerson, former CEO of Rocket Companies, will also serve on the board during the organization's formative stages.
The announcement builds on General Motors' 2024 commitment to donate any profits it receives from the redevelopment toward education in Detroit. GM President Mark Reuss said the organization will build on the company's progress in creating the nation's top-ranked riverwalk. Detroit Mayor Mary Sheffield called it one of the largest investments ever made in any American city.
Gilbert's Detroit giving already tops $800 million in commitments
In 2021, the Gilbert Family Foundation and Rocket Community Fund announced a $500 million, 10-year commitment to Detroit neighborhoods. Through the end of 2025, they had invested nearly $300 million, including more than $100 million in housing stability and $183 million in small businesses, parks, arts and community spaces, ahead of pace.
In 2023, the Gilbert Family Foundation committed nearly $375 million to bring Shirley Ryan AbilityLab to Detroit and to establish the Nick Gilbert Neurofibromatosis Research Institute, as part of Henry Ford Health's Future of Health campus expansion in New Center. Additional details on the nonprofit will be announced as it is formed.