When you look back at the long history of Detroit, yesterday may not have been quite as significant as July 24, 1701.
That was the day Cadillac and his men beached their canoes, scrambled up the riverbank near where the Cobo Center now stands, and started building a fort. But yesterday comes somewhat close.
Yesterday was the day the last major holdout creditor came to terms with the city, in a way that should help improve the city’s chances to make it after the bankruptcy process ends.
This also seems to remove the last threat facing the Detroit Institute of Arts. Financial Guaranty Insurance Company will get the land where Joe Louis Arena now sits, the place where the Red Wings play and where, 34 years ago, I saw Ronald Reagan nominated for President. Eventually, when a new hockey arena opens, this will be torn down and a gleaming new luxury riverfront hotel built here, surrounded by condos and some new retail.