The plan to demolish part of the Renaissance Center and transform the Detroit Riverfront is getting a new $75 million commitment for the project.
According to Bedrock, the Downtown Development Authority is providing $75 million in funding for the $1.6 billion project. This is on top of the planned $1 billion investment from Bedrock and Dan Gilbert and $250 million investment from General Motors.
Last year, the two organizations announced a plan for the future of the site as GM is moving its headquarters to the Hudson's Detroit building.
The plan "right-sizes" the Ren Cen's footprint along the Detroit River by demolishing two of the towers along the riverfront and transforming the rest of the riverfront into a massive district.
According to Bedrock, the funding from the DDA would be applied primarily to public infrastructure on a reimbursement basis between 2027 and 2033.
That public infrastructure includes a new pedestrian promenade from Jefferson Ave. to the riverfront, new public plazas and a new pedestrian and vehicular access to the Ren Cen and riverfront.
The funding would also be applied toward the demolition of the so-called "podium" that encloses the base of the Ren Cen complex.
According to Bedrock, the future of the Renaissance Center would include new housing, a revitalized hotel, new public spaces, an observation deck and more. The goal, the company said, is to turn it into Detroit's version of Navy Pier in Chicago or Chelsea Piers in New York.
