Dan Gilbert’s Bedrock LLC real estate company will soon demolish two small buildings on the corner of Bates Street and Farmer Street in Downtown Detroit in order to make way for the $800 million Monroe Blocks project. A 35-story office building and 482 new residential units spread across multiple buildings will be constructed in the mostly vacant blocks adjacent to Campus Martius. Groundbreaking is expected to begin at the end of this year and is supposed to be completed in 2022.
After demolishing the two buildings at 1000 Farmer Street and 815 Bates Street, the National Theatre will be the only remaining structure on the construction site. While there has been much discussion over whether or not the theatre’s facade will be maintained and integrated into the Monroe Blocks project, no official comment has yet been made by Bedrock LLC.
Gilbert’s real estate arm has been staying busy in the greater downtown area with many mixed-use projects already in the works or still in the planning stages. The $909 million Hudson’s Site broke ground in December, the nearby Shinola Hotel is expected to open later this year, and the ambitious City Modern project adding over 400 new residential units north of I-75 is well underway.
By Jared Hoffman
Research Associate, JMJ Phillip Group