DETROIT -- On the day Detroit filed for bankruptcy, Dan Gilbert demonstrated his faith in the city.
Rock Ventures and Quicken Loans founder Gilbert bid to buy the city's unfinished jail as a development site.
Gilbert has spent mega-millions buying up 22 buildings and more storefronts and parking lots in downtown Detroit to create new development.
He calls the city's bankruptcy filing "the first step toward a better and brighter tomorrow."
"Bankruptcy will be painful for many individuals and organizations but together we will get through it and come out stronger on the other side. We simply do not have a choice. Detroit will thrive again as well and sooner than most think."
Gilbert owns Cleveland's Horseshoe Casino and the Cleveland Cavaliers. His Quicken Loans has a major downtown office. He is planning more development in downtown Cleveland.