DETROIT - Dan Gilbert rolled out the latest updates and plans on several development projects currently underway or starting soon for Bedrock in Downtown Detroit.
Gilbert released new renderings and information at a press conference at the Book Tower on Wednesday morning.
The package of transformational projects, which includes the Hudson’s Site, Monroe Blocks, Book Tower and One Campus Martius expansion project, will now go before the Detroit Brownfield Redevelopment Authority as the first step towards the approval of new state financing under the MIthrive program enacted into law earlier this year.
“Detroit is going vertical,” said Dan Gilbert, Bedrock Founder and Chairman.
“In fact, that is the only way to create any type of significant expansion in the city because we are virtually at full occupancy for residential and commercial space in both downtown and midtown. Transformational projects like these are necessary to both accommodate the expansion of current downtown businesses as well as making Detroit a legitimate competitor for new businesses and massive opportunities (like Amazon’s HQ2), and attracting vital talent from all over the country and world. In addition, these critical projects will attract new visitors and residents as well as countless new visitors and businesses like Amazon to the city, which will create a ripple effect of economic impact and job creation.”
Bedrock will be investing equity and potential outside debt totaling $1.9 billion or 88 percent of the project costs, while securing approximately $250 million in bond funding or 12 percent of the total cost of the projects through the MIthrive program.
Here are some of the updates and renderings released today for various developments:
Hudson's site (Woodward Avenue)
The approximately $900 million, 1 million square-foot redevelopment of the iconic Hudson’s site will create a landmark attraction and make Detroit a national and international visitor destination. The project includes the tallest tower in the City of Detroit, complete with a publicly accessible sky deck on top of the residential floors. It also includes dynamic restaurant, retail and office space, and extensive exhibit and public space that will be open to all. More on this here.
Monroe Blocks (Greektown/Campus Martius)
The $830 million transformation of the Monroe Blocks between the Greektown district and Campus Martius Park will deliver a 35-story, 814,000 square-foot office tower to attract leading companies and jobs to Detroit, 482 residential units, vibrant restaurants and retail, and three public plaza spaces for all to experience.
Book Tower (Washington Historic District)
The $313 million rehabilitation of the Book Building and Tower will be one of the most significant historic rehabilitation projects ever undertaken in Detroit and bring one of the City’s most treasured buildings back to life with a combination of 95 residential units, 180,000 square feet of retail and office space along with a planned hotel.
One Campus Martius Building (Former Compuware Building)
The $95 million expansion of the One Campus Martius site will provide 310,000 square footage of critically needed office space so Detroit can continue to attract new companies and jobs and sustain its growth and momentum.
Detroit mayor Mike Duggan approves
"The economic impact this project will have on our city is larger than anything we've seen in generations," said Mayor Mike Duggan. "Not only will it produce thousands of new jobs and opportunities for Detroiters, it will reshape the city's skyline and attract even more re-investment in Detroit."
Together, these projects represent more than $2.1 billion in new investment in Detroit and will create a five-year construction pipeline with more likely coming from several other developers as well as Bedrock.
Here are some related stories to check out:
- Iconic Detroit Buildings: Hudson's Department Store
- Iconic Detroit Buildings: Penobscot Building
- Dan Gilbert predicts new Detroit skyscrapers within 5-7 years
- Wayne County to move forward with Dan Gilbert, Rock Ventures Detroit jail proposal; obstacles remain
- Detroit Mayor Mike Duggan: 'If Joe Biden ran in 2016, he'd be president'
- New $77M Detroit Midtown development includes 335 residential units
New $20M project to bring housing, brewery school and Barcade to Detroit's Midtown
Copyright 2017 by WDIV ClickOnDetroit - All rights reserved.