Today, the Downtown Development Authority approved Bedrock’s Monroe Project, moving it to the next phase of development. This will be a transformational project (more on that below) and as Gilbert alluded to this week, they’re going vertical.
This is in the early phases, so nothing is a done deal here. But here’s what’s currently in the plans.
Phase one of the project looks to add 600,000 total square feet, with 35,000 square feet of retail in a 20-story office tower. You can see above, this would be on the Monroe block across from the Compuware Building.
Phase two moves closer to Greektown, with a 16-story residential tower containing 225,000 square feet, including 25,000 square feet of retail.
Facing Greektown, with a park!
And the front of the office that you’d see if you were looking at the 20-story office building from Campus Martius:
Also, we have heard that the facade of the National Theatre would be kept, but the rest demolished.
Much of this, and other projects, is dependent on legislation in the Michigan house. The legislation is for so-called “transformational” development projects (think stadiums, major high rises, Hudson’s site) that would get massive tax credits. Per the Detroit Free Press:
“Brownfield development incentives: The Senate has passed legislation that would provide significant tax credits for “transformational brownfield development” projects, such as projects proposed by Detroit businessman Dan Gilbert for the old Hudson's building and a soccer stadium in Detroit. The proposal would allow big transformational projects to capture not only a portion of local property taxes but also sales and income taxes. The bills await action in the House, but Gov. Rick Snyder has been wary of tax incentives for specific industries or businesses.”
The Monroe Project would capture a few things that Gilbert has expressed recently - Detroit needs more office space and more residential units in the downtown core.