Construction on what would be the tallest building in Detroit could begin by the end of 2017, according to a report by Crain’s Detroit Business.
Billionaire businessman Dan Gilbert’s real estate company Bedrock told the paper they’re preparing to break ground in December. The 52-story skyscraper would be located at the site of the now demolished J.L Hudson’s department storeon Woodward Ave. Targeted competition for the building is December 2020.
At 410 feet tall, Hudson’s was the tallest department store in the world when it opened in 1911. The new building would be 734 feet tall – that’s seven feet taller than the Renaissance Center, which is currently the city’s tallest building.
The building would be a mix of office, retail and residential as well as exhibition and cultural spaces. Work to clear the site and build the footings would be the first step.
The plan to move forward was made possible after the Michigan legislature approved legislation that would allow Bedrock to capture 50% of sales and income tax revenue from people living and working in the redeveloped site for up to 20 years, according to Crain’s Detroit Business.
The deal requires a minimum investment of $500 million from Bedrock.
It has not yet been signed by Gov. Rick Snyder, but he has indicated he will sign the redevelopment packages, reports Crain’s Detroit Business.