Dan Gilbert On Detroit Bankruptcy: ‘We Do Not Have A Choice,’ The City Will ‘Reinvent’ Itself


On the day Detroit filed for bankruptcy, at least one businessman was still putting his faith — and potentially millions of dollars — in the city.

On Thursday morning, just hours before the city filed for protection under Chapter 9, Rock Ventures and Quicken Loans founder and Chairman Dan Gilbert put in a bid for an undisclosed amount to buy an unfinished jail, the Detroit News reports. Widely considered a boondoggle, Wayne County has thrown $120 million into developing the site east of downtown before putting out a request for proposals.

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Article credits to HuffPost Detroit, 20th July 2013.