Michigan Strategic Fund Approves Bedrock’s $2.1B Financing for Four Development Projects in Detroit
DETROIT — The Michigan Strategic Fund has provided the final approval for Bedrock’s use of the MIthrive financing tool, clearing the final hurdle that locks in $2.1 billion in new investment in downtown Detroit for four projects. Plans call for redevelopment of the iconic Hudson’s site, transformation of the Monroe Blocks site, restoration of the historic Book Building and Book Tower, and expansion of One Campus Martius building. The projects are expected to create a total of 22,000 jobs, of which 15,000 are construction-related and 7,000 are permanent. The State of Michigan is estimated to capture a $2.5 billion increase in tax revenue, according to Bedrock. Construction has already begun on Hudson’s and Book Tower. Bedrock expects to break ground on Monroe and One Campus Martius later this year. Read more about each of the projects here.