In 2011, Detroit was collapsing. Stores were empty, buildings were abandoned, and investors had written the city off completely. But billionaire Dan Gilbert saw opportunity where everyone else saw decline. He purchased a vacant downtown office building for $15 million—a move many people called reckless at the time. Instead of waiting for Detroit to recover, Gilbert pushed recovery forward himself. He moved Quicken Loans headquarters downtown, bringing thousands of employees with him. Then he doubled down, purchasing more buildings, renovating blocks at a time, and filling them with restaurants, offices, startups, and apartments. Over the next decade he acquired more than 100 properties, essentially buying the heart of Detroit during its lowest moment. When the city began to rebound, Gilbert’s early bets multiplied in value. One building he paid $15 million for later exceeded $100 million. Others experienced similar jumps as Detroit’s revival became national news. Gilbert’s strategy wa...