DETROIT – Dan Gilbert’s Bedrock has withdrawn its request for a $60 million tax abatement from the City of Detroit for the company’s Hudson’s site development, with plans to bring it back up at a later time.
Detroit City Council was set to take up the issue at a meeting on Tuesday. It was unclear if Bedrock had the votes for approval.
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In a statement, Bedrock said:
“As officials have emphasized, the abatement under review only freezes taxes that would otherwise go to the Downtown Development Authority—and could only be used for downtown development purposes. Nonetheless, it is clear more time is needed for this matter to work through the process.
We have always worked in a spirit of partnership with the City of Detroit, and we remain confident that the approval provided in 2017 will be honored. We look forward to the continuation of this process and to seeing Council affirm its support for this transformational investment.”
Construction on the development has been ongoing since Bedrock broke ground in 2017.
In May, Bedrock released the first renderings of inside the new skyscraper, which as of May 12, was near 200 feet tall, on its way to 685 feet, according to the real estate company. Originally, the building was supposed to be 800 feet tall.
The development is expected to be completed in 2024.