LANSING (AP) — Michigan’s economic development board has awarded $618 million in tax incentives for a development project in Detroit that includes a 58-story building on the site of the iconic former J.L. Hudson department store.
The Strategic Fund board approved the package Tuesday for Bedrock Management Services, whose founder is Dan Gilbert. The project has four construction sites and includes building the tallest tower in Detroit.READ MORE: MDHHS Updates COVID-19 Quarantine Guidance For Michigan Schools
Bedrock is the first developer to receive tax incentives under Michigan’s “transformational” brownfield plan. Its package accounts for 38 percent of the $1 billion that can be awarded.READ MORE: More Than 100 Michigan Schools Close Due To Copycat Threats After Oxford High Shooting
Economic development officials say the Detroit project will create more than 7,700 jobs upon completion in 2022.
Gov. Rick Snyder calls Bedrock’s development “visionary” and says it’s a model for turning old sites into “drivers of economic revival.”MORE NEWS: Parents Of Oxford Shooting Suspect Charged With Involuntary Manslaughter, Authroities Searching For Them
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