DETROIT, May 28, 2020 /PRNewswire/ -- As Michigan businesses begin to open their doors,
Bedrock (downtown Detroit's
largest commercial real estate company) today announced "Bedrock
Relaunch," which will offer enhancements to the rent relief program
that began in March with three months of rent abatement.
Through Bedrock Relaunch, Bedrock will provide all eligible,
operating restaurant and retail tenants the option to temporarily
amend their lease to reflect the following:
- All rent and fees waived for the month of June, as a grace
period for ramping up their business as government restrictions
begin to loosen
- Base rent waived in favor of paying 7 percent of gross
sales
- Tenant's security deposit may be applied toward re-opening
costs and costs associated with space
modifications/reconfigurations via reimbursement.
The temporary lease amendments will span the remainder of
2020.
"It is becoming clear that even when all businesses are able to
reopen, it's unlikely their sales volume will immediately return to
pre-pandemic levels, and we want to make sure that rent payments
aren't a barrier to success," said Matt
Cullen, Bedrock CEO. "Dan
Gilbert founded Bedrock 10 years ago on the principle that a
landlord should be an invested partner with each tenant as well as
a responsible corporate citizen. We are committed to doing
everything we can to make sure we all come out of this together,
including looking into experiential initiatives that will help
drive traffic back to storefronts."
Bedrock Relaunch is part of an ongoing effort to help position
Bedrock's tenants for a safe and successful reopening following the
outbreak of COVID-19, and government guidelines for community
safety that forced so many otherwise prosperous businesses to
shutter. Bedrock's relief program began in March, which offered
small business and restaurant tenants rent abatement for the months
of April, May and June; along with the implementation of a small
business resource page on bedrockdetroit.com. That stage was
meant to help our tenants weather the uncertainty of these last few
months. Now that businesses are beginning to reopen, Bedrock
Relaunch is meant to help them be successful.
While this temporary lease amendment is scheduled to expire
December 31, Bedrock's commitment to
downtown's success does not end there, and rent relief is just one
lever the real estate developer is pulling toward the goal of
getting the lights back on in downtown Detroit. Sidewalk and street closures to
increase safe dining capacity, converting parking lots to drive-in
movie theaters, and special shopping events are just a few of the
ideas being considered for future phases of Bedrock Relaunch.
"Real estate leaders, entrepreneurs, and municipalities will
need to come together to find creative solutions for a safe
reopening of local economies," continued Cullen. "I believe Main
Streets across America will look different for a while yet, but if
we all work together, reopening can still be successful."
Since March, Bedrock and the Rock Family of Companies has
committed millions to building up the resilience of local
businesses, through rent relief, personal protective equipment
(PPE) procurement and grant funding. Earlier this month, Bedrock
helped launch Detroit Mayor
Duggan's Detroit Means Business program, which offers any
Detroit-based small businesses
access to a Playbook for reopening safely, financial resources,
PPE, and webinar content sourced from industry experts.
Small business has been at the heart of Bedrock's retail
strategy ever since Dan Gilbert
spearheaded the purchase of his first building, The Madison, 10
years ago. In the years since, Bedrock has continued to invest in
Dan's vision of supporting small business through programs like the
seasonal Downtown Detroit markets,
and a general retail strategy that places local retail concepts
next door to some of the world's most popular brands.
While several businesses have either been mandated to cease
operations or made the difficult decision to temporarily close
during this unprecedented time, many downtown businesses remain
open and have rolled out innovative adaptations to continue serving
the community. Bedrock continues to support and encourage tenants
work through some of these operational challenges and come up with
creative ways to persevere.
A full list of Bedrock tenants whose doors remain open and
services remain available as of today has been compiled here. This
list will continue to be updated.
Eligibility for Bedrock Relaunch is evaluated based on the below
criteria:
- Tenant must be currently operating as a retailer, or food and
beverage purveyor or a new tenant that opens before 12/31/20
- Tenant must be in good standing as it pertains to their lease
agreement prior to the pandemic business disruption
About Bedrock
Detroit-based Bedrock is a
full-service real estate firm specializing in acquiring,
developing, leasing, financing and managing commercial and
residential buildings. Since its founding in 2011, Bedrock and its
affiliates have invested and committed more than $5.6 billion to acquiring and developing more
than 100 properties, including new construction of ground up
developments in downtown Detroit
and Cleveland totaling more than
18 million square feet.
Bedrock's real estate portfolio consists of 210 office tenants
and 125 retailers and restaurants in Detroit's technology-centric downtown, the
majority of which are new to the market. Key office tenants include
Coyote Logistics, IBM, Microsoft, Quicken Loans, LinkedIn, StockX,
Universal McCann, UBS, Ally Bank's
national headquarters and Fifth Third Bank's regional headquarters.
Key retail tenants include H&M, Plum Market, The Lip Bar, 6
Salon, Lululemon, Shake Shack and countless others.
Bedrock is currently developing four transformational projects
including the Hudson's Site, Monroe Blocks, Book Tower renovation
and One Campus Martius expansion. Bedrock is also undergoing
construction of City Modern, a community development in
Detroit's Brush Park neighborhood.
Partnering with Detroit-based
Shinola, Bedrock developed the world's first Shinola Hotel on
Woodward Avenue, which opened in early 2019.
Bedrock is dedicated to creating jobs for Detroiters and
investing in job training. Over the last year, the company has
invested in both the Randolph & Breithaupt Career and Technical
Centers to build a pipeline of talent for Detroit's growing economy.
Creating unique experiences through real estate is Bedrock's
mission. To make this a reality, Bedrock and its affiliates
continuously invest in significant public art installations and
placemaking initiatives throughout the city.
For more information on Bedrock's business model, visit the For
More Than Profit book. For more information on Bedrock's projects,
visit bedrockdetroit.com or engage with us on Twitter and
Facebook.
Click here to view a complete timeline of Bedrock and the
Rock Family of Companies' engagement within the Detroit community.
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SOURCE Bedrock