Apartment rental rates at Hudson's site likely to top $3 per foot

John Gallagher | Detroit Free Press

Show Caption Hide Caption Proposed Detroit building would be city's tallest Businessman Dan Gilbert is proposing to build what would be Detroit's tallest building on the old Hudson's site.

Dan Gilbert's planned Hudson's site project will not only create the tallest building in Detroit but the highest retail and apartment rental rates in the city.

Jim Ketai, CEO of Gilbert's Bedrock real estate arm, and Dan Mullen, Bedrock president, said today at the Mackinac Policy Conference that apartment rents at the planned tower at the Hudson's site could top $3 per square foot.

That would mark a dramatic increase from today's rental rates in and around downtown Detroit, where newer projects are drawing about $2 per square foot rents. Not so long ago, landlords were lucky to get $1.50 per square foot in the Detroit apartment rental market.

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But Ketai and Mullen, speaking with the Free Press at the Grand Hotel, said they are racing to deliver not only the Hudson's site project —planned as the tallest building in the city -- but their City Modern residential and retail project in the Brush Park district; the remake of the vacant Free Press building at 321 W. Lafayette, the Shinola Hotel under construction north of the Hudson's site, and many more.

Look for work on the Hudson's site project to begin in December.