Bedrock Breaks Ground On $1 Billion Unique, Iconic Development On Land Of Former J.L. Hudson's Flagship Downtown Detroit Store Ending 25 Years Of Inactivity

DETROIT, Dec. 14, 2017 /PRNewswire/ -- Today, Bedrock broke ground on the site of the former Hudson's Department Store in downtown Detroit on Woodward Avenue. The start of construction follows years of planning and preparation that has resulted in a transformational development that will serve as a hub for attractions, shopping, conferences, events, exhibitions, views of the city and region from a Skydeck 800 feet in the air, presentation theaters and more in Detroit on a site that is symbolic to so many across the region.

"Today downtown Detroit is officially going vertical," said Dan Gilbert, Bedrock Founder and Chairman. "Not only do we need projects like this one to meet the significant demand for office, residential and retail in downtown, but this development becomes the 21^st century version of what Hudson's was to metropolitan Detroit for so many decades in the 20^th century. In addition to creating opportunities for all Detroiters, this project will put our city on the radar of world class technology companies like Amazon and others."

The scale of the project is designed to be a destination aimed at attracting residents, visitors, businesses and talent from across the city and around the world. Today's groundbreaking is an important first step toward Bedrock's commitment to invest $2.1 billion in Detroit through four transformational projects.

"When we hear people talk about what Hudson's meant to them, the common theme is that it was a place where memories were made," said Bedrock President Dan Mullen. "Bedrock is fortunate to have the opportunity to create a new landmark by providing all kinds of common and public space which is much needed in our city, and will be the location where innovation and the ideas of the future germinate."

The project is technically two separate buildings: A 58-story residential tower and a 12-story building that will contain a ground floor market, a large, flexible exhibition space designed to accommodate a broad spectrum of events, conferences, technology attraction and more. The tower will have a capacity of 330-450 residential units, depending on final design and decisions around the size of each unit. The project will also have 700 below-grade parking spaces. The vision for the development is to create an environment that allows people to innovate and collaborate on tomorrow's great ideas, while bringing the best ones to life. A space where students will be inspired, where artists will display their creativity for the world, as well as a gathering spot where the community can come together.

A top-floor, multi-level public observation deck dedicates the city's highest skyline views to Detroit residents and visitors alike. During the design process with New York-based SHoP Architects and Detroit-based Hamilton Anderson, Bedrock worked to ensure the project offered dynamic public spaces and an activated streetscape on all sides of the development.

"Ever since Hudson's closed its doors in 1983, Detroiters have waited and wondered what would come next and what could possibly live up to the incredible history of that block," said Mayor Mike Duggan.  "It's taken nearly 35 years to get that answer, but when people watch this incredible new building rise and see all of the jobs and opportunity it brings, it will have been worth the wait."

This development fills a gap on Woodward Avenue and will dramatically increase the amount of people who take advantage of the walkability to the north to Grand Circus Park, to the entertainment district and beyond, to Campus Martius and all the way to the river to the south. It will also activate the area directly to the east anchored by popular restaurants and entertainment.

"I appreciate the investment that Bedrock is once again making in both the city of Detroit and Detroiters," Gov. Rick Snyder said. "Just as the original Hudson's building did, this new multi-use facility has the opportunity to serve as a beacon for all who come to live, work or play in Detroit, further showcasing the Comeback City's incredible resurgence."

Learn more at hudsonssitedetroit.com.

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About Bedrock

Detroit-based Bedrock is a full-service real estate firm specializing in acquiring, developing, leasing, financing, and managing commercial and residential buildings. Since its founding in 2011, Bedrock and its affiliates has committed more than $5.6 billion in acquiring and developing more than 100 properties in downtown Detroit and Cleveland totaling more than 16 million square feet. Bedrock's real estate portfolio consists of more than 330 office and retail tenants in Detroit's technology-centric downtown. For more information, visit bedrockdetroit.com or engage with us on Twitter @BedrockDetroit and Facebook.

SOURCE Bedrock

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