Dan Gilbert's Rock Ventures moved one step closer to owning another downtown Detroit property.
Heather Catallo of WXYZ reports that the Wayne County Commission voted Thursday 11-4 to enter into a Memo of Understanding with the Gilbert empire to buy the county's failed jail site.
Catallo writes on WXYZ website:
This makes Gilbert closer to turning jail cells into an entertainment zone in downtown Detroit.
The MOU will give both Wayne County and Rock Ventures six months to determine if Gilbert will buy the county’s failed jail site and four other court and jail facilities in downtown Detroit. The deal would give Wayne County $50 million, but it hinges on whether the county can afford to build a regional justice complex at the State of Michigan’s old Mound Road Correctional Facility on Detroit’s East Side.
The county had previously rejected a Memo of Understanding because it would have owed the Gilbert company $500,000 if the deal fell through, WXYZ reported. This time, the county would just have to pay for Rock Ventures expenses from due diligence. -- Allan Lengel
