The real estate company owned by Cleveland Cavaliers owner Dan Gilbert is aiding the firm’s small business tenants in Detroit by waiving rent and other payments from April through June.
Gilbert’s company, Bedrock, will waive all rent, expenses, and parking fees for restaurants and retail units that would qualify as a small business.
The decision is a direct result of the abrupt closure of businesses due to the coronavirus pandemic. The hope is that the gesture will allow those businesses to pay all employees who are unable to work.
“As with all of our tenants, entrepreneurs and small businesses play an incredibly important role in our local economy, which has been central to Dan Gilbert’s vision over the last 10 years of his investments in Detroit and Cleveland,” said Bedrock CEO Matt Cullen. “It is going to take the entire community to mitigate the effects of this pandemic on the region, and we are happy to do our part to help our portfolio’s most vulnerable businesses weather the storm. We are staying in close contact with each of our tenants and stakeholders every day to understand their needs and concerns, and how we can help.”
The three-month moratorium established by Bedrock is because of the uncertainty with regard to when those businesses will be able to open up again.
Gilbert, a native of Michigan, has long been a champion of promoting business in the city of Detroit. He continues to recover from a severe stroke suffered last May.
