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Construction on the $830 million, mixed-use Monroe Blocks project has come to a standstill. The developer, Bedrock LLC, who is backed by Quicken Loans founder Dan Gilbert, has $2 billion worth of Detroit construction projects that are currently in process. Current economic conditions have resulted in labor shortages and rising construction costs (an average increase of 5.7% between 2017 and 2018 according to the latest Rider Levett Bucknall quarterly survey). In addition, construction costs are expected to be impacted by the recent price increase in tariffs imposed on Chinese goods, but we are hoping to see this offset by tariffs lifted on steel and aluminum imported from Mexico and Canada. 

Bedrock is also currently contracted to build a new $909 million high-rise on the former site of the iconic Hudson’s department store, a $311 million Book Tower redevelopment and $95 million for one Campus Martius addition. The Company received $618.1 million in brownfield tax incentives from the State of Michigan in the past year for these four projects combined, but they must be completed by May 2023 to retain the entire dollar value. Stay tuned for more information on these developments as the year passes.