Bedrock and General Motors are seeking nearly $473 million in additional tax incentives to redevelop Detroit's Renaissance Center and East Riverfront in a project expected to cost $2.24 billion. The project previously received $75 million from the DDA, meaning total subsidies are nearly $ 548 million.
The figures were made public today during a community meeting that drew dozens of nearby residents, who voiced both concerns and support for the project and how it would be funded.
The plan includes hotel, hospitality, office space and year-round entertainment options. Residential space would also include affordable housing. Officials say rising construction costs and Detroit's above-average real estate taxes make the development impossible without incentives.
David Howell, Senior Vice President of Real Estate for the Detroit Economic Development Corporation, said the site would generate $301.5 million in direct benefit to the city and more than $3 billion in visitor spending over the next 30 years. If the site were not redeveloped, he estimated it would only generate $21.3 M in benefit to the city. He also said Bedrock is only getting a 1% return on their roughly $1.7 billion investment.
Watch the Full Report in the Player Below
Many in attendance questioned how much taxpayers should contribute and raised concerns about the project's impact on the surrounding neighborhood. Oscar Johnson, a Detroit resident who lives in the impact area near the site, said he worries about being priced out.
"My lease say if property taxes go up, rent can go up," Johnson said. "I don't want to pay an exorbitant rent. This isn't New York or Chicago and all that, so hopefully this won't impact me so hard."
Others expressed enthusiasm for what the project could bring to the city. Ernest Johnson, a Detroit resident and Chair of the Community Coalition, said the investment would pay off.
"This will be so beautiful, my grandkids are going to love this," Ernest Johnson said.
"You feel that the tax incentives they could get would be worth it to bring people downtown?" I asked him.
"It'll be worth it, we'll get the money back. It's a good investment," Ernest Johnson replied. "They had concerns about all the sites (like LCA's tax incentives) but all the sites are up and everybody's attending; we got thousands of people in the city coming downtown.”
The neighborhood advisory council is set to meet next Tuesday again.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy
