$75M pledged for RenCen redo, but state approval is key
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A rendering of the Renaissance Center redevelopment. Image: Courtesy of Bedrock
The transformation of Detroit's Renaissance Center received a large public funding commitment last week, but the project still depends on state lawmakers.
Why it matters: The RenCen's future is one of the city's most pressing economic development questions — and the answer will reshape downtown's Riverwalk over the next decade and beyond.
State of play: The Downtown Development Authority (DDA) on Wednesday approved a $75 million commitment to support the $1.6 billion redevelopment, a joint effort between Bedrock and General Motors to turn the increasingly empty complex into a mixed-use riverfront destination.
What they're saying: The project represents a strategic shift for Bedrock from rebuilding the Woodward corridor to an east-west focus on the riverfront, Bedrock's incoming CEO Jared Fleisher told Axios.
- "This really is the linchpin — whether or not we have a 10-, 15-year redoubling of our impact in this community," Fleisher said.
The big picture: The DDA's support gives the plan some momentum as Lansing reshapes the state's overall corporate incentive strategy in the coming months. A $2 billion fund was already axed.
- An extension of the Transformational Brownfield program, a financing tool for large-scale developments statewide, is essential to Bedrock and GM's vision for the RenCen and the city's riverfront, Fleisher said.
Follow the money: The $75 million in DDA funding will cover public infrastructure — a pedestrian promenade connecting Jefferson Avenue to the riverfront, new plazas, and demolition of the RenCen's "podium" enclosing the base of the complex.
- The broader financing plan includes $1 billion from Bedrock, $250 million from GM, and a request for brownfield financing.
The fine print: The DDA conditioned its $75 million commitment on an extension of the brownfield program.
The other side: State Rep. Mark Tisdel (R-Rochester Hills), who's involved in the state's economic development discussions, spoke favorably of certain aspects of brownfield incentives, namely that they're paid out on the back end, after a project meets benchmarks.
- "We have an obligation as stewards of our tremendous resources in this state of putting unproductive property back on the tax rolls," Tisdel tells Axios.
What's next: If the brownfield program's extension passes this year, Bedrock expects to begin local community benefits and brownfield approval processes in mid-2026.
- The goal is to start construction soon after, launching a multi-year riverfront overhaul with new housing, hotels and entertainment.
- "We're prepared to double down," Fleisher said. "Just imagine where we would be if all the progress we have made … was doubled, and on a riverfront, no less."