Billionaire Dan Gilbert gives free rent to small-business restaurants, retailers during coronavirus

Detroit billionaire and Cleveland Cavaliers owner Dan Gilbert’s real estate firm, downtown Detroit’s biggest landlord, announced Monday that it will waive all rent, building expenses and parking fees during the months of April and May, and in some instances June, for its restaurant and retail tenants that are small businesses. The gesture by Gilbert’s Bedrock is meant to help those businesses weather the coronavirus crisis and meet payroll. “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,” Bedrock CEO Matt Cullen said. Restaurants and retailers with under $100 million in annual sales can qualify for two months of free rent and expenses. Smaller businesses with $80,000 or less in monthly sales can qualify for the full three months of free rent. Restaurants […]

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