Ilitch, Gilbert Talk About Redeveloping Detroit

For Detroit, things have been looking up.

In an interview with CNBC, Chris Ilitch (president and CEO of Ilitch Holdings), and Dan Gilbert (founder of Quicken Loans and Rock Ventures), discussed their investments in revitalizing downtown Detroit.

Ilitch said his company has announced $1.2 billion worth of investments, growing from $650 million. He also hinted at another $1 billion in the pipeline. He said it's an interesting and exciting time for Detroit, as people and companies want to be in the city.

Gilbert quantified his investment to be around $2 billion, with promise for more. He complimented the Ilitch family's contribution and pioneering efforts since the 1980s to investing in Detroit.

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On the competition between both entities, Gilbert and CNBC host Brian Sullivan suggested it was more of "co-opetition." Ilitch said their efforts are complimentary.

"Right now, we have now got about $500 million in contracts out and a new arena in the district that we are building," said Ilitch. "Ninety-three percent of all those contracts are with Michigan firms and over 60 percent or over $300 million are with Detroit-based firms. So, we are trying to keep the money locally here to make the largest economic impact, which today is projected to be about a $2.1 billion economic impact."