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A report released today by Dan Gilbert’s Rock Ventures LLC says the economic impact of its planned redevelopment of the half-built Wayne County Consolidated Jail site and building the county a new criminal justice complex a few miles north totals $2.39 billion for Southeast Michigan.
The 14-page report, completed by the University of Michigan Center for Sport & Policy and commissioned by Detroit-based Rock Ventures, says the redevelopment of 15-acre Gratiot Avenue property into a Major League Soccer stadium and three high-rise buildings for residential, office and hotel use is expected to cost $1.462 billion while Gilbert’s plan to build a new criminal justice complex for the county at I-75 and East Forest Avenue would cost $420 million, bringing that expected investment to $1.882 billion.
Continue here to read the full story on Crain’s Detroit Business.
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GRATIOT AVENUE SITE DEVELOPMENT COSTS
Demolition: $21,300,000
Plaza/site paving: $29,279,314
Stadium: $134,197,359
Training facility: $19,737,813
Podium core and shell: $46,584,979
Tenant-improvement allowance (non-owned retail/restaurant): $10,366,825
Restaurant fit out (owned): $1,666,097
Retail fit out (owned): $8,423,045
Fitness/spa fit out: $4,165,242
Conference rooms: $4,628,047
Hotel tower: $75,367,214
Residential tower: 53,266,254
Office (core and shell): $102,042,295
Office tenant improvements: $17,494,017
Office fit out (owned): $29,989,743
Above-grade parking: $53,602,911
Below-grade parking: $128,500,000
Elevated walkways: $2,776,828
Escalation and contingencies: $222,300,017
Soft costs: $292,500,000
Contractor indirect costs: $127,662,923
Total: $1,385,850,923
Source: University of Michigan Center for Sport & Policy report, “The Economic Impact of Rock Ventures’ Proposed Project in Downtown Detroit”
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