Bedrock LLC has updated its plans for the redevelopment of the former JL Hudson site to include a taller, more expensive building with more apartments.
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The new plans call for 330 apartments, up from about 250, but there will be less office space than previously planned (240K SF vs. 275K SF). Also included will be 100K SF of retail, along with 120K SF of event space and parking. A skydeck will total about 90K SF.
The tower will be 800 feet, as opposed to 734 feet. The additional height allows all of the apartment units to have views unobstructed by the nearby One Campus Martius office tower.
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The new plans are another example of the optimism characterizing the Detroit real estate market.
"I'm very optimistic about the future of Detroit as a city and as a real estate market," Bedrock Vice President of Finance RJ Wolney said. "In the past five years, Detroit has seen unprecedented growth and promising new opportunity."
As the business environment and technology startup scene continue to gain momentum in Detroit's urban core, there will be tremendous growth in the real estate market, Wolney said.
"Demand is far outweighing supply in both the residential and office markets, creating more development opportunities across the board. As a result, we see continued interest from capital sources and other developers both locally and nationally in Detroit."
Hear more from Wolney and other market leaders at Bisnow's first Detroit State of the Market event Sept. 21 at the Max M. & Marjorie S. Fisher Music Center.
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