The City of Detroit has decided against applying for a $30M HUD Choice Neighborhoods grant, deciding instead to sell the 18-acre Brewster-Douglass site to Dan Gilbert’s real estate arm, Bedrock LLC. Citing a “very narrow path” to approval via the HUD application, the city will sell the parcel to Bedrock for $23M, pending approval from the U.S. Department of Housing and Urban Development. The deal, which includes plans for 700 rental and for-sale residential units, would represent the largest property in the Bedrock Detroit portfolio (based on acreage), if approved.
In addition to more than 50 buildings in the downtown core, Bedrock and affiliated companies currently own several parcels of land, including the 8.4 acre City Modern site (with partners), the 3.5 acre Monroe Blocks site; and the 2 acre Hudson’s site. With the addition of the Brewster-Douglass site and rumored involvement in other downtown parcels, such as the Wayne County Jail site (15 acres), the Uniroyal site (43 acres), and the River East site (10+ acres with General Motors), Bedrock could end up accumulating nearly 100 acres in or near downtown.
To read more about the Brewster-Douglass sale, check out this article in The Detroit News.
Lou Bitove & Jeff Bortnick, owners of The New Home Experts®, have more than 30 years combined experience in real estate, much of that with builders like Pulte & Toll Brothers. They also provide market research for area builders, developers and national firms. If you’re considering a new home, remember: the builders rep represents the builder, not you. Work with the only local agents in Metro Detroit to specialize in new homes, and save money in the process – ask us how!
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