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$830 million Monroe Blocks project in downtown Detroit breaks ground

$830 million Monroe Blocks project in downtown Detroit breaks ground

Photo Credit: Bedrock 

Dan Gilbert has officially broken ground on a $830 million redevelopment of a 3.66-acre swath of downtown Detroit to the east of his Quicken Loans Inc. headquarters.

The project by his Detroit-based Bedrock LLC real estate development, management, leasing and ownership company is slated to feature a 35-story office tower and 482 residential units, including a 17-story residential tower, plus retail and other uses in a total of 1.4 million square feet across a series of buildings.

The office tower — the first high-rise office tower to be built downtown in a generation — is slated to be 847,000 square feet. The project is also anticipated to include 117,000 square feet of retail space spread across the two phases. A 1,200-space below-ground parking deck is also planned.

The office space is necessitated by a largely full roster of office buildings in and around Campus Martius, most of which are owned by Gilbert. The founder and chairman of Quicken Loans and Rock Ventures LLC has spent the last several years assembling a vast swath of Detroit real estate totaling more than 100 properties and 15 million square feet in and around downtown.

Continue reading full article on Crain’s Detroit Business.

KIRK PINHO, Crain's Detroit Business.