The Cleveland Cavaliers owner’s real estate company announced Monday that it would offer free rent to small restaurants and retailers amid the coronavirus pandemic that has rocked businesses across the nation and led to what many expect to be sharp layoffs.
Detroit billionaire Dan Gilbert’s firm Bedrock, which is downtown Detroit’s biggest landlord, said it will waive rent, building expenses and parking fees for restaurants and retail tenants that qualify as “small businesses” for April, May and June, in a press release.
“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 in the statement.
Tenants will qualify as “small businesses” if they meet industry and government standards.
Cullen said it’s been “inspirational” to see business owners adjust during the pandemic.
“At Bedrock we continue to look for additional ways to support our small business tenants, through catering orders, participation in virtual yoga classes, and more,” he said in a statement. “We urge those living and working downtown to consult the site we’ve set up when you’re ordering lunch or dinner, or are looking for a social distancing-friendly gift idea.”
Michigan issued a stay-at-home order for its residents Monday after Lt. Gov. Gavin Gilchrist (D) ordered restaurants and bars to close to in-person diners last week. Michigan has documented 293 cases in the state with seven deaths, and Detroit has recorded 414 cases and five deaths.