Bedrock Detroit LLC secured a key approval that allows the full-service real estate firm to proceed with a $2.15 billion investment plan at four projects in downtown Detroit.
Bedrock said in a release that the Michigan Strategic Fund gave the final approval for the company's use of the MIthrive financing tool, which builds on the existing Brownfield Tax Increment Financing program.
The program will enable Bedrock to obtain about $250 million in debt financing of the total project costs. The financing and a sales tax exemption will cover roughly 15% of the total project costs, with Bedrock accounting for the remaining 85%.
The projects include the redevelopment of the Hudson's site, the overhaul of the approximately 4-acre Monroe Blocks site, the restoration of the Book Building and Book Tower and the expansion of the One Campus Martius building.
Bedrock said construction has already commenced on the Hudson's site and Book Tower, while Monroe project and the One Campus Martius will be underway later in 2018.
