Detroit Mayor Dave Bing last week unveiled a public-private partnership to tackle demolition of the countless vacant and blighted buildings across the city.
Bing touted the Detroit Blight Authority during his state of the city address last week. The DBA is headed by Bill Pulte, chief executive officer of Pulte Capital Partners and grandson of William Pulte, founder of Pulte Homes, a Detroit-based company that was one of the country's largest home builders.
The authority has already cleared a 10-block area in Detroit near an elementary school, tearing down buildings for $5,000 each — nearly half of the $9,500 that it costs the city, officials said.
Bing pledged to tear down 10,000 vacant buildings in the city during his first four years in office. So far the administration has demolished 6,600 houses and is set to reach its goal by the end of the year.
The P3 will "become the cornerstone of the mayor's next phase of blight removal," the city said in a press release.
The DBA will tap private and public money, including from the state of Michigan and local businesses, including some of the area's largest companies, to finance the effort.