Gilbert's total investment is estimated at
The projects are expected to create 7,261 permanent jobs and add up to 3.1 million square feet of new office, retail, residential, hotel and civic space to the downtown core.
The so-called transformational brownfield incentives are the most generous ever awarded by the state's strategic fund. The size of the incentives was made possible by the passage in
The incentives are needed, according to the strategic fund's briefing material, because "market rents in the city are insufficient to support the costs of complex, high-quality, large-scale, high-rise construction."
In addition, the dedication of extensive space within the four projects to "public and civic uses and architectural excellence" drives up the cost.
The four projects include the site of the former Hudson's store, where Gilbert's Bedrock real estate arm broke ground last December on what promises to become
In a statement, Gilbert said of his four projects: "These landmark developments are a milestone representing
"This process has been an outstanding example of collaboration between multiple levels of government and private industry that will unleash billions of dollars of investment, resulting in transformational impact to
The incentives will come in a variety of forms, including sales, income and property tax incentives. Some will be reaped during construction and some only years after the projects actually open. Final amounts are tentative until all costs are known.
Although Tuesday's approval by the strategic fund was expected, the size of the package is likely to renew the debate on whether tax breaks ought to be created for projects such as Gilbert's Hudson's site building or for the
Of the four projects, the
The Bedrock team also released statements from Mayor
And also in a statement released by Bedrock,
"MiThrive poses an incredible opportunity for carpenters and skilled tradesmen across the state," he said "Bedrock's four projects represent thousands of jobs for our union members, as well as tremendous opportunities for young people looking for a rewarding career in the trades."
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