Bedrock breaks ground on $820m Detroit mixed-use project
Bedrock has broke ground on its 1.4 million-square-foot Monroe Blocks project situated on two city blocks at the corner of Monroe Street and Campus Martius in Downtown Detroit.
The $830 million mixed-use project will comprise 847,000 square feet of office space, 482 residential units, 117,000 square feet of retail and 1.5 acres of public open space.
The first phase of Monroe Blocks, Block A, will encompass a 35-story office high-rise featuring approximately 814,000 square feet.
Turner Construction will serve as general contractor and expects to complete the project in 2022.
“Breaking ground on Monroe Blocks represents another major milestone in Detroit’s resurgence and continues the momentum that is being felt across the city,” said Rick Snyder, Michigan governor. “Knowing that success for Detroit leads to success for Michigan, I am excited to see the start to another important project that is vital to connecting districts in the downtown area.”
It has been five years since Detroit filed for bankruptcy. A partnership between city and state government, business leaders and the city’s philanthropic community led an innovative effort to restructure the city’s debt, estimated at $19 billion. The city has emerged from the nation’s largest municipal bankruptcy.
Several development projects have completed, which include the opening of Little Caesar's Arena, part of the larger District Detroit business and entertainment area, the construction of a landmark mixed-use development on a former iconic department store site, and the recent acquisition by Ford Motor Company of Michigan Central Station.
Forbes reported that several neighborhoods have seen dozens of new mixed-use developments, such as Midtown, Corktown, New Center, and the East Riverfront
And this month seven companies have partnered to invest $35 million in Detroit neighborhoods. Mayor Mike Duggan made the announcement on Dec. 17, naming the leaders: American Axle, Blue Cross Blue Shield of Michigan, Chemical Bank, Fifth Third Bank, Flagstar Bank, Huntington Bank, and Penske Corp. Each company is donating $5 million to the revitalization of Detroit’s neighborhoods. Seven different neighborhoods are in line to receive the funds: Grand River Northwest, Jefferson Chalmers, Russell Woods/Nardin Park, Campau/Banglatown, Warrendale/Cody-Rouge, Gratiot/7 Mile, and East Warren/Cadieux.
Bedrock alone has $2.5 billion invested in the Detroit central business district, with an additional $3 billion in the pipeline, reported Commercial Property Executive in May 2018. The firm is redeveloping the historic J. L Hudson Co. Department store. It will be the tallest tower in the city, at more than 800 feet tall. The project will include 100,000 square feet of retail, 240,000 square feet of office and 75,000 square feet of public space.
