It's been a busy week in the ongoing saga for the RenCen, which faces an uncertain future. As GM prepares to move out, Bedrock and GM will go back to the state to seek funding for future plans (released late last year).
This week at the Detroit Policy Conference, representatives clarified the kind of funding they're looking for from the state. The current plan would demolish two of the towers closest to the Riverfront, while converting the two towers in the back into residential and office space and creating a large public space along the Riverfront. The plan comes in at $1.6 billion, with Bedrock pitching in $1 billion, GM giving $250 million, $100 million from the Detroit Downtown Development Authority, and $250 million from the state. This wouldn't be a direct check from taxpayers to the development, but a reintroduction of the Transformational Brownfield funding, according to reports from the Detroit Free Press. This funding was used for major projects like the Hudson's tower. It captures future taxes of transformational developments that are completed.
Officials will work with the state this year on pitching the plan.
Also this week, Crain's Detroit first reported that one of the smaller RenCen towers outside of the major development, the 21-story 600 tower, will go up for auction later this spring on Ten-X. The starting bid is $2,750,000. The tower has 334,000 square feet of space and is currently 11% occupied. The listing states it could be used for office, residential conversion, hotel space, and more. It's neighboring 500 tower is home to Blue Cross Blue Shield offices. The auction runs from March 17-19.
