Dan Gilbert
Dan Gilbert is expanding his footprint in the city.
Matt Helms of the Detroit Free Press reports that Gilbert’s Quicken Loans will partner with Home Depot to renovate 65 houses in Detroit to help boost neighborhood home values.
Mayor Mike Duggan disclosed the plan to members of the city-state Financial Review Commission on Monday, the Freep reports. The board oversees Detroit’s finances under terms of the city’s exit from Chapter 9 bankruptcy last December. Duggan didn't say which neighborhoods are being targeted.
“They’re actually renovating 65 houses in Detroit,” Duggan said of the two companies, according to the Freep. “They’re going to renovate them first and sell them to raise the comps (comparable home sales amounts in nearby neighborhoods), because once you get the comps up the appraisals come up. So they’re attacking it that way.”
