Dan Gilbert Announces $2.1 Billion Development Projects In Detroit
DETROIT (WWJ) -- A major news development has been announced today in downtown Detroit -- Dan Gilbert's Bedrock will be investing $2.1 billion in the several city projects.
The developments will include the Book Tower, the former Hudson's department store site, the Monroe block and an addition to One Campus Martius. The projects will create 3.2 million square feet of downtown office and living space, and over 2,000 parking spaces.
The project was announced earlier today during a press conference, where Gilbert said the project will create thousands of jobs for Detroiters.
"We expect these four projects alone to create up to a total of 24,000 new jobs in the city," Gilbert said. "15,000 construction jobs and 9,000 potential permanent jobs. The companies that will expand to these buildings as well as new businesses that we attract or new businesses that just start here."
The next steps for the projects will be a review by the Detroit Brownfield Redevelopment Authority. The project will go before the group as the first step towards receiving an approval of new state financing under the MIthrive program.
The four different locations will each feature different aspects to the projects. Hudson's Site project will include a 1 million square-foot redevelopment that creates a publicly accessible sky deck on top of the residential floors, and restaurant, retail, public and office space. This portion of the project will cost $900 million.
The Monroe Blocks development will total $830 million and includes a 35-story, 814,000 square-foot building with office space, 482 residential units, space for restaurants and retail shops, and three public plaza areas. This project will be located between the Greektown district and Campus Martius Park.
Renovations at the Book Tower will cost $313 million, and includes the creation of 95 residential units, 180,000 square feet of retail and office space along with a planned hotel.
The final project site -- One Campus Martius -- will include a $95 million expansion to create an additional 310,000 square footage for office space.
According to a press release, 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.
Detroit Mayor Mike Duggan was at today's announcement of the four projects. He said he wanted to thank the legislative leaders -- including Senator Coleman Young II -- for helping push this project through and sponsoring the five bills needed to move the project forward. Young is running against Duggan for Mayor of Detroit.
