Bedrock plans four new developments worth $2.1bn in Detroit
September 26, 2017 – Commercial real estate firm Bedrock has unveiled plans for four transformational developments, adding 3.2 million sq ft and more than 2,000 parking spaces for vehicles to Downtown Detroit, US.
The package, which will entail a cumulative investment of $2.1bn, includes four projects – Hudson’s Site, Monroe Blocks, Book Tower and One Campus Martius expansion project. Construction will take five years to complete.
Bedrock said that the new investment that will reshape Detroit’s skyline and create both construction and permanent jobs totaling up to 24,000, including 15,000 construction jobs and up to 9,000 permanent jobs.
The plan will be submitted before the Detroit Brownfield Redevelopment Authority as the first step towards the approval of new state financing under the MIthrive programme enacted into law in early 2017.
Hudson’s Site will be developed with an investment of about $900m. Spanning over one million square feet of space, the project will feature the tallest tower in the City of Detroit. Plans are afoot to develop restaurant, retail and office space, as well as exhibit and public are open to all.
Monroe Blocks will feature 482 residential units, restaurants and retail, and three public plaza spaces for all to experience. The company will spend around $830m on the Monroe Blocks, which is situated between the Greektown district and Campus Martius Park. The 35-floor tower will offer 814,000 sq ft of office space.
Renovations of the Book Tower will cost $313m, and will feature 95 residential units, 180,000 sq ft of retail and office space along with a planned hotel.
The final project, One Campus Martius, will require a $95m investment to create an additional 310,000 sq ft for office space to attract new companies.