Dan Gilbert on Detroit Bankruptcy: 'The Faster We Get There, The Better'
Quicken Loans Inc. Chairman Dan Gilbert tells Detroit News columnist Dan Howes that he's still high on Detroit, though he thinks bankruptcy for the city is inevitable.
Bankruptcy “is a tsunami we all think is going to come,” he told The Detroit News columnist. “But I think it will be over relatively quickly. The faster we get there, the better. This is good news.”
And if it isn’t so quick, as bankruptcy experts predict? “Obviously, that wouldn't be good,” he said. “That would be an overhang for us.”
His comments to Howes came on Wednesday, the day his real estate arm, confirmed the purchase of two more buildings downtown on Woodward Avenue.
Howes writes that "Team Gilbert is bursting with opportunity for what he calls 'an experience' rooted firmly in an urban environment that is drawing more tax-paying jobs downtown, building excitement among CEOs and would-be investors and struggling to meet soaring demand for rental housing."