Bedrock has released plans for its continued investment in the city and the development of Cadillac Square — a 1.5 million square foot multi-use space between Monroe and Randolph Streets, near Campus Martius in the heart of Downtown Detroit.
Under this plan, the Detroit-based commercial real estate firm will add a “new range of accessible options to live, work, dine, meet, and play to the community, while further connecting the Central Business District to surrounding points of interest, amenities, and neighborhoods,” according to a press release about the plans.
Among these new options are the addition of 250-280 residential units; 90,000 square feet for a market hall, grocer, restaurants, and retail space; more than 60,000 square feet of entertainment space, including National Theatre; 1,500-1,800 parking spaces; and 400,000 square feet of office space.
This development is subject to an affordable housing agreement in Detroit, which requires Bedrock to commit at least 20% of the units to be affordable housing.
“The Development at Cadillac Square leverages the potential of a central, yet underutilized footprint to further ignite downtown’s offerings,” Kofi Bonner, chief executive officer at Bedrock, said in a press release. “By enhancing overall access, options and connectivity, we will continue to position Detroit as an energetic city which ultimately benefits the broader community and creates a vibrant core for today and well into the future.”
Construction on the development will happen in three phases, the first of which is scheduled to start next year after the NFL Draft on Sept. 1, 2024. Phase 2 will begin on Oct. 1, 2026, and the final phase will begin on Jan. 1, 2028.
In the meantime, the space will continue hosting the Monroe Street Midway, which will return with free events and roller skating this Spring, as well as other programming.