DETROIT — Developer Bedrock and General Motors Co. (NYSE: GM) have unveiled a conceptual plan to redevelop the Renaissance Center (RenCen) and 27 acres along the Detroit riverfront. According to the companies, the plan preserves the essence of Detroit’s skyline, right-sizes the RenCen’s footprint and connects the site to the heart of downtown.
A surrounding entertainment district would feature restaurants, hospitality, residential and market space and complement Detroit’s Riverwalk, which draws more than 3.5 million annual visitors to the city. The project has an estimated price tag of $1.6 billion, according to Crain’s Detroit Business.
First opened in 1976, RenCen is widely considered Michigan’s most iconic and recognizable property and serves as the headquarters of GM. The automaker purchased the asset in 1996 and has invested more than $1 billion in improvements to date. Earlier this year, GM unveiled its plans to leave RenCen for Hudson’s Detroit, the redevelopment of the former J.L. Hudson’s department store currently underway by Bedrock. GM plans to take occupancy in 2025.
GM and Bedrock established a partnership earlier this year to study redevelopment opportunities for the RenCen site along with the City of Detroit and Wayne County. A team of urban planners, architects and engineers analyzed several possibilities to determine the best possible outcome for the site.
Specific plans of the RenCen redevelopment include:
- Creating a new pedestrian promenade connecting the heart of the city to the riverfront
- Removing the low-rise base of the complex and the two office towers nearest the river, which would reduce obsolete office space
- Redeveloping three towers into a mix of hospitality and housing
- Turning reclaimed land into public spaces
- Reconfiguring the flow of the site to allow direct access to the buildings and riverfront
Bedrock and GM have committed to funding the majority of the project, with the remainder contingent on public financing. Over the coming weeks, the proposed redevelopment plan will be presented to local and state leaders to determine if, based on public support and legislative funding approval, it is possible to move forward with the redevelopment.
Bedrock, the real estate arm of Quicken Loan founder Dan Gilbert, has invested and committed more than $7.5 billion to acquire, develop and operate roughly 140 properties in Detroit and Cleveland since its founding in 2011.
The largest automaker in the United States, GM is most known for manufacturing the brands Chevrolet, Buick, GMC and Cadillac. The company’s stock price opened at $55.21 per share Wednesday, up from $28.50 per share one year ago, a 93.7 percent increase.
— Kristin Harlow