New pledge helps Metro Detroit families facing eviction
The latest Gilbert Family Foundation donation to help Detroiters stay in their homes aims to address the eviction process. The Detroit Eviction Defense Fund is a $13 million donation that would allow those who qualify financially to have legal representation in what often is the fight of their lives.
Bedrock laying off dozens of employees amid restructuring
DETROIT – Bedrock announced on Monday that it is laying off about 60 employees in midst of a restructuring. In a statement from the company, the employee changes are a result of “a restructuring that will position the company for continued growth and improved service in 2021 and well beyond.”A full statement from Bedrock reads:“Today, Bedrock announced a restructuring that will position the company for continued growth and improved service in 2021 and well beyond. As a result, approximately 60 positions have been affected by these changes. We are working diligently to place virtually all impacted team members into new roles within the Rock Family of Companies. To date, several team members have already accepted new positions with sister companies and we anticipate the majority finding new roles in the coming weeks.
Dan Gilbert announces $500M investment in Detroit neighborhoods
READ: Local organizations to invest $500M into Detroit, eliminate homeowner property tax debt for thousandsThe funds will start with help for homeowners with overdue property taxes. “No person should have to make the decision of the choice between keeping them home of feeding their family,” Gilbert said. Gilbert and his wife, Jennifer, are pledging half of a billion dollars through the Gilbert Family Foundation and the Rocket Community Fund to make a real impact on the problems people face. “I’d much rather see property taxes paid, interest and penalties waived, fees waived, fees removed and people have the ability to pay their taxes,” Evans said. AdTo learn more about the organizations’ investment, visit the Gilbert Family Foundation’s website here.
$500M fund to help Detroit neighborhoods, pay tax debt
The effort is kicking off with $15 million to pay off the property tax debt of 20,000 of the city's poorest homeowners. The $15 million Detroit Tax Relief Fund will leverage existing state and local programs that eliminate or reduce property tax bills, then pay off the remaining tax bill. It will be administered by a local nonprofit that also will provide counseling to homeowners to keep them out of future property tax debt. “It’s a problem that is ... massive and it's contagious.”Quianna Sims is one of the Detroit homeowners who will have their tax debt paid off. ___This story has been updated to correct that the Detroit Tax Relief Fund is only the $15 million that will pay off the property tax debt.
Local organizations to invest $500M into Detroit, eliminate homeowner property tax debt for thousands
One major announcement: Part of the investment will eliminate property tax debt owed by tens of thousands of low-income Detroit homeowners. According to officials, an initial investment of $15 million from the Gilbert Family Foundation will be used to establish the Detroit Tax Relief Fund. Through the fund, an estimated 20,000 low-income homeowners in Detroit will have their property tax debt completely wiped away. The Rocket Community Fund operates under the company. “This impactful announcement comes with a promise of a brighter future and a deepened commitment to Detroit.”AdTo learn more about the organizations’ investment, visit the Gilbert Family Foundation’s website here.
Dan Gilbert’s Rocket shares rise 70% as newest Reddit target
A Rocket Companies sign is displayed on the exterior of the New York Stock Exchange, Thursday, Aug. 6, 2020, in New York. Shares of Rocket Companies, parent of Quicken Loans, began trading Thursday during the Detroit company's IPO at the NYSE. Quicken is the largest retail mortgage originator in the U.S. (AP Photo/Mark Lennihan)DETROIT – The stock price of Rocket Companies, parent company of Dan Gilbert’s Quicken Loans, shot up more than 70% over the last 24 hours after the company became the newest “meme” stock of Reddit. Rocket reported stronger-than-expected fourth-quarter earnings last Thursday, which impressed some Wall Street analysts. More: GameStop’s saga may be over; its effect on Wall Street isn’t
Video: Concrete pouring for Hudson’s site skyscraper in Detroit on Dec. 10, 2020
DETROIT – This video shows construction crews on Dec. 10, 2020 in Detroit working to pour concrete for the Hudson’s site skyscraper. More: Go underground at Detroit’s old Hudson’s site as crews build skyscraperOn Oct. 28, 2018, Bedrock released new details and renderings of the skyscraper to be built at the old Hudson's site in Detroit. (WDIV)Here are the first renderings released by Bedrock:Renderings of a skyscraper planned for the old Hudson's department store site in Detroit. 22 years ago: Old Hudson’s building demolished in Downtown DetroitThe new skyscraper is being built on the site of the famous Hudson’s building. Hudson's Department Store building in Detroit.
17 finalists compete for $1 million in Detroit Demo Day
DETROIT – The fourth Rocket Mortgage Detroit Demo Day is doing something a little different this year to help small businesses thrive in the pandemic. The 17 finalists have been announced for Rocket Mortgage Detroit Demo Day. For the last 3 years, Rocket Mortgage Demo Day has awarded hundreds of thousands of dollars to local small businesses with big plans to expand and make a difference. “Rocket Mortgage Detroit Demo Day is an annual event where we showcase Detroit’s best and brightest entrepreneurs and give them the chance to compete for a million dollars,” said James Chapman. More information can be found on the official Rocket Mortgage Detroit Demo Day website here.
Quicken Loans IPO gets lukewarm reception
DETROIT – The much talked about Rocket Mortgage initial public offering took flight Thursday and the launch was not as bright as initially intended. ORIGINAL STORY: Quicken Loans IPO debuts at $18 a share, below expectationsRocket founder Dan Gilbert and CEO Jay Farner kicked off the trading day before going on CNBC to discuss the merger in Gilbert’s first national television appearance since his stroke. “We think we are a tech company that happens to do loans. “We’re up to 2,500 technologies to build what you experience.”RELATED: What does Quicken Loans plan to go public mean for city of Detroit? The stock started out at $18 a share and investors bid it up to just under $21 by the close.
Quicken Loans IPO debuts at $18 a share, below expectations
DETROIT – Detroit-based Quicken Loans debuted their IPO on the New York Stock Exchange on Thursday with a lower-than-expected opening share price of $18. Rocket Cos., the parent company of Quicken Loans, will offer public shares for the first time this week, but it will be smaller than originally reported. Quicken Loans quickly grew from a start-up to one of Detroit’s largest employers. Gilbert is already worth roughly $7 billion, but his wealth could expand more with the move to make Quicken Loans public. Investment banker Sheldon Stone, of Amherst Partners, said a Quicken Loans initial public offering could mean a lot for the city of Detroit.
Quicken Loans files paperwork for initial public offering under name ‘Rocket Companies’
Quicken Loans quickly grew from a start-up to one of Detroit’s largest employers. What does its plan to go public mean for the city of Detroit? It appears that’s about to change because in an initial public offering, at some point people will be able to buy partial ownership -- shares of stock in Quicken Loans. Gilbert is already worth roughly $7 billion, but his wealth could expand more with the move to make Quicken Loans public. Investment banker Sheldon Stone, of Amherst Partners, said a Quicken Loans initial public offering could mean a lot for the city of Detroit.
Report: Quicken Loans is planning to go public
DETROIT – America’s largest mortgage lender, Quicken Loans, is planning an IPO, according to reports. According to CNBC, billionaire Dan Gilbert’s company has filed paperwork that let it go public by next month. Quicken Loans is working with Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan to manage the deal, CNBC reports. The value is expected to be in the tens of billions of dollars worth. Gilbert founded Quicken 35 years ago and eventually moved its headquarters to Downtown Detroit where he has built a real estate empire.
What does Quicken Loans plan to go public mean for city of Detroit?
DETROIT Quicken Loans quickly grew from a start-up to one of Detroits largest employers. Now that theres talk about the company planning to go public, what does that mean for the city of Detroit? Gilbert is already worth roughly $7 billion, but his wealth could expand more with the move to make Quicken Loans public. Investment banker Sheldon Stone, of Amherst Partners, said a Quicken Loans initial public offering coul mean a lot for the city of Detroit. If they add people and infrastructure and add jobs, it could be a beautiful thing for Detroit, Stone said.
Bedrock shares rehab plans for Book Tower in Detroit
DETROIT - We are getting a look at what the inside of a rehabilitated Book Tower could look like as Dan Gilbert's Bedrock announces an architect for the design project. ODA has been selected to design a mix of residential, hospitality, retail and office space at the Book Tower in Downtown Detroit. Book Tower originally was built as an office tower and took a decade to complete. Bedrock said ODA's role is to update and expand on Book Tower's programming and existing structures, creating nearly 500,000 square feet of Downtown residential, hospitality, retail and office space. Take a look at the images of the exterior rehab and the interior rehab renderings:Book Tower rehabilitation in Downtown Detroit (Sept. 4, 2019/Bedrock)Read more:Copyright 2019 by WDIV ClickOnDetroit - All rights reserved.
Matt Cullen named new Bedrock CEO
DETROIT - Matt Cullen is the new CEO of Dan Gilbert's Bedrock LLC real estate company, Cullen confirmed. Cullen will step into the position on Sept. 1, replacing Bill Emerson, who will return to Gilbert's mortgage company Quicken Loans Inc. and Rock Holdings as vice chairman. "Very excited to join the great team at Bedrock and work on some of the projects that are helping to transform my hometown! Also very thankful for the best folks in the gaming business at JACK Entertainment for the ongoing friendship and support," Cullen said on Facebook. Cullen is CEO of Jack Entertainment, which is a Detroit-based gaming company owned by Gilbert.
ClickOnDetroit NIGHTSIDE report -- Tuesday, Aug. 20, 2019
Dan Gilbert returns to Detroit to continue recovery following strokeQuicken Loans Chairman Dan Gilbert has returned to Detroit to continue his recovery from a stroke, the company confirmed. A Pontiac man was arrested after stealing outdoor power equipment from the same Lowe's store in Bloomfield Township four times, officials said. READ MORE41-year-old man taken into custodyDetroit police have arrested a third suspect involved in an armed carjacking of an off-duty police officer last week, according to authorities. A 41-year-old man was taken into custody around 6:30 p.m. Monday in the 12000 block of Weddel Street in Taylor, police said. Tweets by Local4NewsCopyright 2019 by WDIV ClickOnDetroit - All rights reserved.
Dan Gilbert returns to Detroit to continue recovery following stroke
DETROIT - Quicken Loans Chairman Dan Gilbert has returned to Detroit to continue his recovery from a stroke, the company confirmed. Gilbert returned to the city Friday to continue his rehabilitation, officials said. While at the hospital, Gilbert, 57, suffered a stroke and was treated and moved to recovery in the intensive care unit, officials said. He was discharged from the hospital June 19 to continue his recovery at an inpatient rehab center, Quicken Loans CEO Jay Farner said. READ: Dan Gilbert 'responsive and resting comfortably' after strokePrevious coverageCopyright 2019 by WDIV ClickOnDetroit - All rights reserved.
Dan Gilbert records video for Quicken Loans employees as rehab for stroke continues
DETROIT - Quicken Loans Chairman Dan Gilbert recorded a video for employees as he continues to recover and rehab following a stroke. "As Dan continues his rehabilitation and makes progress toward his recovery, yesterday he recorded a brief video to share his gratitude with our company's 17,000 team members who have set numerous records through the second quarter and beyond," Quicken Loans officials said in a statement. While at the hospital, Gilbert, 57, suffered a stroke and was treated and moved to recovery in the intensive care unit, officials said. He was discharged from the hospital June 19 to continue his recovery at an inpatient rehab center, Quicken Loans CEO Jay Farner said. READ: Dan Gilbert 'responsive and resting comfortably' after strokePrevious coverageCopyright 2019 by WDIV ClickOnDetroit - All rights reserved.
Dan Gilbert buys Detroit's Book Tower
DETROIT - Dan Gilbert is adding to his Detroit real estate book. Gilbert's real estate company, Bedrock, announced Friday it had purchased the historic Book Tower in Detroit. "This project is going to be one of the most exciting redevelopments in our entire Detroit real estate portfolio," Gilbert said. The Book Tower dates back to 1926, designed by Louis Kamper. It was briefly the tallest building in Detroit until the Penobscot Building was built in 1928.
Dad puts son's 'sad' Lions fan face on Detroit billboard
DETROIT – The two-story billboard is the poster child for a Detroit Lions fan's frustration. ESPN caught a shot of it during the Lions' Monday night defeat to the Baltimore Ravens. The now-infamous frowner, Niko Vlahakis, of Northville, learned about it from a friend in Arizona. I'm like, 'What's going on? "Steve, I'm coming for ya, and this is what's going to happen: I'm thinking I'm going to talk to Mr. Gilbert, see if we can get one of his buildings down here and we'll go from there," he said.