Dan Gilbert's Quicken To Announce New M-1 Rail Name - What Is It?

DETROIT (CBS Detroit) Construction is ticking along at a mighty clip on Detroit's first stab in decades at real mass transit.

The M-1 rail project is meaningful for many reasons, potentially giving revelers and visitors easy access to the city without parking and re-parking in expensive lots, and creating access for local people who may not have their own transportation.  It also represents a coalition of funding and planning from different sectors of the state that have not always played together nicely.

Billionaire Dan Gilbert and his company Quicken Loans will be responsible for giving the M-1 Rail its name after Gilbert donated nearly $10 million to the currently unnamed project.

But what should it be called? Gilbert, Quicken Loans' officials, and others are holding a press conference Tuesday to announce the name.

The streetcar project will run 3.3 miles along Woodward Avenue between downtown and New Center neighborhoods.

The rail line is scheduled for completion in late 2016 and will have 16 curbside and four median passenger stations. It will run in a 6.6-mile loop from Detroit's riverfront along Woodward Avenue to the New Center area and is expected to spur economic and job growth along the corridor.

The federal government has committed more than $37 million to the $140 million project.

*The Associated Press contributed to this report.