Historic Hudson’s site in Downtown Detroit Approved for Redevelopment
What once stood as the site for the second-largest department store in the world, located in the heart of Downtown Detroit, is now slated for sale & redevelopment. Dan Gilbert, a billionaire who has had a huge hand in the revival of the Detroit Business and Nightlife scene is heading the venture.
The old Hudson’s site sits atop a 4 level underground parking structure, that is currently owned by the City of Detroit. The structure has been approved by the Downtown Detroit Development Authority for sale, at a price of $15 million, to Gilbert’s Detroit Real Estate firm. Along with his business partners, Gilbert already owns over 80 Downtown buildings/retail sites. He is recognized by Detroiters for sparking the boom in Downtown Development, which followed the relocation of Quicken Loans to the Downtown district, from a nearby suburb.
The current parking structure that Gilbert plans to build upon was constructed in 2001, and held 900 parking spaces. With the renovations Gilbert and his team have planned, they will reduce the structure to 700 parking spots, and construct a “architecturally significant” building which will house 250 apartments, and 225,000 square feet of mixed use space. The Hudson’s Site has historical significance as a community gathering square, and it is proposed that the new developments in the area will foster this history and keep the tradition alive.
Downtown Detroit redevelopment is continuing at a rapid pace, and local businesses are thriving. The City of Detroit is encouraging locals to reinvest in their city, by implementing Renaissance Zones, which are free of local and state taxes. Gilbert has been granted this designation to the Hudson’s Site.
Although the final decision on this redevelopment rests on the Detroit City Council, Gilbert and his team aren’t expecting to run into any hiccups during the approval process. Once started, the project will require at least half of all work to be completed by Detroit residents, and a third of the contractors utilized for the work must be based in the City. Trends like this are common for Downtown Redevelopment projects.