image credit: monroeblocksdetroit

Construction on pause at Detroit’s $830M Monroe Blocks high-rise project

Crain’s reported that Bedrock received a total of $618.1 million in brownfield tax incentives from the state of Michigan last year for the four projects combined and must complete them by May 2023 in order to retain the entire dollar amount of the package.

Major construction projects concentrated in the same geographical areas are stressing markets all over the U.S., where labor shortages and rising costs have become commonplace. In fact, according to the latest Rider Levett Bucknall quarterly survey, construction costs rose an average of 5.7% between 2017 and 2018, with busy metros like Chicago (7.6%); Portland, Oregon (7.1%); San Francisco (6.7%); Phoenix (6.7%); Washington, D.C. (6.5%); and Seattle (6.4%) registering the biggest increases.

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