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RenCen (Photo by Deadline Detroit)
General Motors and Bedrock's $1.6 billion plan to partially tear down the Renaissance Center, modernize it and ease public access will cost taxpayers, Crain's Detroit Business reports.
Bedrock CEO Kofi Bonner tells Crain's that the upgrade is contingent on taxpayers covering around 15 percent, or $250 million, of the cost.
A "significant amount" of that public assistance would come from the state, Bonner said, adding that " Bedrock's not going forward singly on this project without the funding that we're seeking from the public sources."
Crain's notes that the companies made the announcement a week before the Democratic-majority state legilslature returns for the final week of a two-year term.
General Motors, which owns the majority of the RenCen, is moving its headquarters out next year to Gilbert's Hudson's Detroit development on Woodward. Under the arrangement, Gilbert has the option to buy the main five-building complex plus other surrounding properties.
His real estate arm, the city and GM are trying to figure out what to do with the towering buildings, which were supposed to symbolize the city's comeback after the 1967 rebellion decimated many neighborhoods and commercial districts.
The Detroit News reports the GM had announced plans to move into the Hudon's building in 2025, but now says it couid take as early as 2026.
The News also reports that GM previously planned to occupy two floors of the 12-story building, but now plans to double that footprint.
Either way, most GM white collar workers will tell you the really headquarters is at GM's Technical Center in Warren.
