Earlier this month, Bedrock, Detroit's developer, asked City Council for a 10-year, $60 million tax break on the Hudson's site development. After two vote delays in City Council (to try to get enough votes to pass), today Bedrock asked City Council to pull the vote from the agenda for more time to work on it.
The cost for the development has risen from $909 million to $1.4 billion.
According to the Detroit Free Press,
Bedrock, in a statement Tuesday, said that city council in 2017 voted unanimously "to give the critical initial approval to the matter in question. Since then, in addition to proceeding in good faith with the development of the Hudson’s site, Bedrock and the Rock Family of Companies have created thousands more jobs in the city, brought abandoned building after building back to life, and committed an unprecedented $500 million to Detroit’s neighborhoods."
The Free Press also reported this week that the development needed the tax credit in order to secure a loan from the bank.
Construction started on the development in late 2017. Bedrock landed huge tax breaks across multiple developments at the beginning of the project. When completed in late 2024, the development will include a 685-foot-tall tower with an Edition Hotel and residential units, plus a 13-story building with office, retail, and event space.
