Two towers of Detroit’s Renaissance Center would be razed and the complex converted to a mix of housing and offices under an ambitious $1.6 billion plan.
Last spring, GM chose to step away from the iconic RenCen in pursuit of a more “modern” space that is currently being built in downtown.
In April, GM announced its partnership with the Bedrock real estate development firm and Wayne County to transform the underutilized property into an approximately 27-acre entertainment complex situated across the Detroit River from Windsor, Ontario. That doesn’t sound like an office/housing mix.
Under the proposed plans, Bedrock is set to invest a minimum of $1 billion into the property, supplemented by approximately $250 million from GM and an additional $250 million in public funding that has yet to be determined, which may potentially come from Michigan taxpayers.
Meanwhile back at the farm…
GM’s shares post biggest percentage gain in over 4 years as company reports $3 billion profit in 3Q
General Motors lays off about 1,000 workers, cutting costs to compete in a crowded automobile market
GM recalling big pickups and SUVs because the rear wheels can lock up, increasing risk of a crash
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