Dan Gilbert to Invest $500 Million into Detroit Neighborhoods

Photo: Paul Warner / Getty

DETROIT, March 25, 2021 ~ Billionaire Dan Gilbert talked on CBS Thursday about his plan to invest $500 million into Detroit over the next decade.

This was his first in-depth TV interview since he suffered a stroke in 2019.  The stroke occurred in the right side of his brain, causing paralysis of the left side of his body. He is currently undergoing hours of physical therapy near daily to better recover from the incident.

Luckily I’m a righty,” he said lightly in his interview.

His $500 million dollars will be put towards helping neighborhoods, paying off property taxes and establishing a network of people such as repairmen to assist citizens. Rocket Mortgage CEO Jay Farner said the first $15 million, which will go towards property debts, will cover about 20,000 homes.

“We’d like to see the people of Detroit benefit,” Gilbert said. “When you’re at the energy level of downtown right now, we can carry that to the neighborhoods,”

The morning of the interview, Detroit Mayor Mike Duggan said the gift made the day “an extraordinary day for Detroit, a major step forward on a strategy to start to break the cycle of intergenerational poverty in this city.”