What is the total cost of the project?
The total cost is estimated at approximately $300 million, making the restoration of the Book Tower one of the most challenging historic rehabilitation projects ever undertaken in Detroit and Michigan.
How many jobs will the project create?
Preliminary analysis indicates that restoring and reopening the Book Tower is expected to support 820 construction related jobs and 650 new permanent jobs in the City.
What will be in these developments?
The Book Tower will include roughly 150,000 square feet of new office and retail space to bring new jobs and tax revenue to Detroit. The project is also anticipated to include a new hotel as well as approximately 95 new residential units to support the growth of Detroit’s population and tax base.
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.
When are you going to start, and when do you expect to finish?
Construction on the Book Tower is anticipated to start in Fall 2018 and to be complete in Summer 2020. Of course, with large and complicated projects like these, these are estimated dates and they may change.
Will there be enough parking for people living and working here, and for visitors?
The project will include extensive parking to support the new jobs, businesses and residents – while also supporting broader parking needs in the area. The plans for the redevelopment of the Book Building and Tower call for the construction of a new parking deck with up to 400 spaces on the adjoining lot.
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.
In addition to this overall commitment, Bedrock committed that 25 units in its planned high-rise developments will be affordable units. Bedrock is working to determine how many of these units will be in the Book Tower.
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 Book Tower 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.