University of Michigan alum and Manhattan real estate developer Stephen Ross is betting on Detroit, and Dan Gilbert is in on it too.
The duo plan to build a massive research and education center for University of Michigan graduates on the east edge of downtown. That’s the same locale that was once destined to be a jail.
The change of plans speaks to the overall evolution of downtown Detroit.
Chad Livengood, senior editor with Crain’s Detroit Business, says the bet is that this kind of campus will keep talent here in Michigan instead of heading out east or to California or Seattle for jobs.
“If you have a place for people to get this type of advanced education in an urban setting, [the bet is] that they will stay here,” says Livengood.
“This is a big bet on keeping the talent in Detroit and building up the minds that will take over and be the brains that will lead the GMs and the Fords and the Quicken Loans,” he continues.