Gilbert bullish on more riverfront development
Dan Gilbert's riverfront real estate puzzle is coming together.
Why it matters: The riverfront is simultaneously among the city's most breathtaking and most underutilized assets.
- Gilbert has the resources — and now, a growing set of properties — to help maximize its potential and add to his legacy of redeveloping key parts of the city.
- Signs point toward a future comprehensive redevelopment including housing, public spaces and more.
Driving the news: His development company, Bedrock, made a key announcement earlier this month that helps fill in the riverfront picture — the acquisition of the historic Roberts Riverwalk Hotel on the city's east riverfront.
- Its footprint includes 5,500 square feet of event space, 108 hotel rooms and 126 parking spaces.
What they're saying: Bedrock chief executive Kofi Bonner tells Axios the company is "very bullish" on adding sustainable infrastructure, housing, and entertainment amenities to the riverwalk.
- "We believe that the acquisition of the former Roberts Riverwalk Resort Hotel is key to our plans to participate in the creation of a world-class, mixed-use riverfront community," Bonner says.
The big picture: The hotel purchase is part of Gilbert's "$80 million-plus spending spree" on the east riverfront, Crain's reports.
- Other acquisitions include the former UAW-GM Center for Human Resources and properties previously owned by the Stroh family.
Zoom out: A new Bedrock development plan along Cleveland's Cuyahoga River is an intriguing example of what could happen here.
- The 15-to-20 year master plan for 35 acres along Cleveland's riverfront is in partnership with the city and celebrated architect David Adjaye, with an estimated price of $3.5 billion.
- The vision emphasizes new connections between the river and downtown, with pathways for biking and improved public transit.
- "Our redevelopment strategy for the downtown Cleveland riverfront taps into the lost heritage of the city, establishing a new relationship between the urban core and the shore," Adjaye said in a statement.
What's next: Bedrock says more Detroit riverfront updates are coming next year.
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