A state panel has approved hundreds of millions in tax incentives tied to four major projects planned by Dan Gilbert in downtown Detroit.
The Michigan Strategic Fund today approved $618 million in tax incentives for four projects being undertaken by Gilbert’s Bedrock real estate arm. They are:
- The redevelopment of the former Hudson’s site on Woodward
- A multi-use redevelopment of the Monroe Block between Campus Martius and Greektown
- Restoration of the historic Book Building and Book Tower on Washington Avenue
- And the expansion of the former Compuware Building where Quicken Loans is now located.
Bedrock says the projects represent more than $2 billion in investment. They include plans to erect Detroit’s tallest building on the former Hudson’s site, which has sat vacant since the department store was imploded in the late 1990s.
“These landmark developments are a milestone representing Detroit’s credible new era of hope, optimism and growth,” said Dan Gilbert, Bedrock Founder and Chairman in a statement. “This process has been an outstanding example of collaboration between multiple levels of government and private industry that will unleash billions of dollars of investment, resulting in transformational impact to Detroit, the region, and the entire state of Michigan. Governor Snyder and the Michigan Strategic Fund were instrumental in getting these monumental projects to the finish line. I want to thank the Governor, MSF, and all of our local and state partners for their strong support and commitment to Detroit and the state’s transformation.”
Bedrock says the projects will support an estimated 22,000 new jobs, including 7,000 permanent, non-construction positions … and generate 2-and-a-half billion in state tax revenue over the 30 year span of the tax incentives.
The transformational brownfield incentives for cities were made possible by a 2017 law passed in Lansing following heavy lobbying by Gilbert himself.
This story originally appeared on the Daily Detroit News Byte Podcast.