DETROIT, Michigan — Real estate mogul Stephen Ross, a Detroit native and U-M alumnus, and Detroit businessman Dan Gilbert are partnering to bring an “innovation center” in downtown Detroit on the site of the aborted Wayne County jail project.
The development is part of a $300 million-plus development, with the University of Michigan which will include a hotel and a residential building, and total costs could be $500 million to $750 million over time.
According to Crains Detroit, Gilbert’s Bedrock real estate firm will be the project’s developer, with Gilbert and Ross each donating significant sums to help finance the deal. However, additional funding is still needed.
Mayor Mike Duggan is scheduled to announce details of the planned development at a 10:30 a.m. Wednesday event. The project will “further re-establish Detroit as a leader in technology and innovation,” according to the event itinerary.