Bedrock Real Estate Services has two mixed-use development projects approved for downtown Detroit, totaling $1.6 billion.
Bedrock plans to develop the Monroe Block project, an $800 million mixed-use project in downtown Detroit that includes a 35-story, 818,000-square-foot office tower, 48,000 square feet of public green space, 480 residential units and 170,000 square feet of retail. Bedrock plans to break ground on the Monroe Block project in early 2018 and complete it by 2022.
And Bedrock is preparing to break ground in December on a 52-story skyscraper at the site of the former J.L. Hudson's department store in downtown Detroit. The 1.2 million-square-foot building will cost at least $775 million to construct. It will include 250 residential units and 700 below-ground parking spaces. At a height of 734 feet, it could be the tallest building in Detroit, according to Crain’s. The Detroit Marriott at the Renaissance Center is 727 feet tall.
Bedrock has several development projects within the city. Other projects Bedrock is currently developing in Detroit include the restoration of The Book Tower, which the firm purchased in 2015 and is undergoing a $400 million restoration, and the City Modern residential project, which is under way in Brush Park.
Detroit has been experiencing sustainable and long-term economic growth, and rebranding itself as a hub of innovation and entrepreneurialism, according to JLL. The downtown population is expected to increase as new residential inventory comes online, and millennials make up nearly a third of the downtown population. Downtown Detroit has an estimated 8,000 new multifamily units either under construction or planned.
About 43 development projects in Detroit have been completed during 2012 to 2016, totaling $1.2 billion in cost. There are 40 projects under way, totaling approximately $2.5 billion in cost, and 33 planned projects, totaling $2.9 billion in cost.
