Groundbreaking for the tallest building in Detroit is set for next month.
Billionaire businessman Dan Gilbert’s real estate company Bedrock is preparing to kick off construction on the 1st of December.
The 52-story skyscraper bill be located at the site of the now demolished J.L Hudson’s department storeon Woodward Ave. Targeted completion 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.