Iconic Hudson Site to Be Transformed into Mixed-Use Complex
- May 04, 2016
Detroit—The Detroit Downtown Development Authority (DDA) approved the construction of a mixed-use, high-rise project on the iconic Hudson block at 1206 Woodward Ave. The plan includes creating 250 housing units and 225,000 square feet of retail and commercial space by Bedrock Real Estate Services, a full-service real estate firm which signed an agreement with the DDA for the investment.
“This is the Hudson’s block development Detroiters have waited three decades to see happen. Its impact will be felt far beyond downtown into our neighborhoods for years to come through the construction jobs, fulltime jobs and countless other opportunities that will be created as a result”, said Mayor Mike Duggan, who chaired the DDA.
Bedrock signed on hiring Detroit residents for the construction, as part of the arrangement with City officials. The company will also purchase Premier Garage, the underground parking at Hudson, for $15 million. The flagship department store at Hudson closed in 1983 and was demolished 18 years ago. Since then, the City of Detroit has been using it as parking space.
“The Hudson’s project is a unique, once-in-a-generation opportunity that we hope will transform the landscape of downtown Detroit. Our vision is to create an iconic structure that all Detroiters can enjoy, while also providing additional retail, housing and commercial space that the city needs to continue its transformation”, said Jeff Cohen, CEO of Rock Companies.
Following the sale of the Hudson property, Bedrock is considering a new agreement with the City of Detroit—this time for a new project that will feature affordable housing units. Specifically, 20 percent of the next 1,350 rental units constructed by Bedrock throughout its Greater Downtown and Brush Park projects are going to be low cost units.
The next step is submitting both the land transfer and affordable housing agreements to review and approval by the City Council within the next three weeks. A budgetary approval will also be required from the Financial Review Commission. Construction is expected to break ground in April 2017.
Image courtesy of Rock Ventures.