What is the total cost of the project?
The total cost is estimated at over $800 million, making the Monroe Blocks project one of the largest investments in Detroit in decades.
How many jobs will the project create?
We estimate the redevelopment of the Monroe Blocks will support 3,000 construction-related jobs and 4,600 new permanent jobs in the City of Detroit.
What will be in these developments?
The Monroe Blocks will include an estimated 1 million square feet of new office and retail space to bring new jobs and tax revenue to Detroit. It will also include an estimated 482 new residential units to support the growth of Detroit’s population and tax base.
Will there be public spaces?
The development includes over an acre of public spaces, which are central to the design of the Monroe Blocks. The project is divided into two phases. Each phase is centered around a public plaza. In addition, the first floor of the office and retail spaces are designed as public spaces for pedestrians to walk through and make connections in all directions.
What are your plans for affordable housing?
Bedrock recently entered in a far-reaching agreement with the City of Detroit, committing that 20% of the rental units that Bedrock develops or renovates in the greater downtown - on its own or with partners - will be affordable units.
Bedrock has led with its commitment to affordable housing, including new mixed-income developments in Capitol Park and Brush Park. Bedrock also recently announced that it was providing $2.15 million to renovate 232 affordable units in Midtown and keep them affordable for 30 more years, so that existing residents are not displaced by rising rents and critical affordable housing is preserved.
As part of this overall commitment, Bedrock committed that 25 units in four of its planned high-rise developments will be affordable units. Bedrock is working to determine how many of these units will be in the Monroe Blocks.
What are your plans for hiring Detroiters to build these developments?
Bedrock will be following the City of Detroit’s Executive Order which requires 51% of the work hours to be performed by Detroit residents. Bedrock is also working to invest in and support skilled trades training programs to help train and place Detroit residents into these jobs, with a particular focus on building skills and career opportunities for young Detroiters.
Are you going to be using new MIthrive state brownfield redevelopment incentive for the project?
The new MIthrive brownfield redevelopment legislation for “transformational” projects is critical to making these projects possible.
The Monroe Block has been largely vacant for 20 years or more because, without a program like MIthrive, it has not been financially possible to redevelop them. Bedrock is currently working through the application and approval process, and hopes to complete that process in the next several months.
When are you going to start, and when do you expect to finish?
Construction on the Monroe Blocks is anticipated to start in early 2018 and to be complete by early 2022. Of course, with large and complicated projects like these, these are estimated dates and they may change.
Will there be parking for people living and working here, and for visitors?
The project will include parking to support the new jobs, businesses and residents at Monroe Blocks – while also supporting broader parking needs in the area. While plans are being finalized, current design concepts call for the Monroe Blocks project to include at least 900 parking spaces.