Dan Gilbert owns more than 9 million square feet of Detroit, and thinks he can develop good business out of every inch.
The Quicken Loans chairman and Cleveland Cavaliers owner has invested $1.3 billion buying and renovating buildings in Detroit's scarred downtown business district. That adds up to more than 60 properties in a city whose decades-long decline recently culminated in the largest municipal bankruptcy in U.S. history.
"We've made a significant investment in downtown Detroit," Gilbert told CNBC's "On the Money." The billionaire has moved more than 12,000 workers into historic buildings he's purchased at low prices.
Detroit and the rest of the Rust Belt's regional economy was particularly hard hit by the financial crisis, and solidified the Motor City's status as a symbol of urban decay. The city itself is pruning its debt load as part of the an agreement struck with creditors in the wake of its bankruptcy filing.