May 24, 2018
The Michigan Strategic Fund (MSF) provided the final approval for Detroit-based Bedrock’s use of the MIthrive financing tool, clearing the final hurdle that locks in $2.15 billion in new investment in Downtown Detroit for four transformational projects.
The projects include:
– Redevelopment of the iconic Hudson’s Site (pictured above)
– Transformation of the nearly four-acre Monroe Blocks site in the heart of downtown Detroit
– Restoration of the historic Book Building and Book Tower
– Expansion of the One Campus Martius building
Bedrock’s Dan Gilbert says, “These landmark developments are a milestone, representing Detroit’s credible new era of hope, optimism and growth.”
The State of Michigan is expected to realize $2.5 billion in new tax revenue over roughly 30 years, as a result of its support for these projects through the MIthrive program, which is projected to total $618 million in foregone tax revenue over that period.
For comments, questions or concerns, please contact Dennis Kaiser