
Bedrock Expands Tenant Relief Program in Downtown Detroit
As Michigan businesses begin to reopen, Detroit commercial landlord Bedrock is rolling out Bedrock Relaunch, which will offer enhancements to the rent relief program that began in March with three months of rent abatement.
Under the program, restaurant and retail tenants may temporarily amend their leases to include waiving all rent and fees for the month of June, waiving base rent through the remainder of 2020, in exchange for 7% of gross sales and applying security deposits toward re-opening costs.
“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.
He added, “I believe Main Streets across America will look different for a while yet, but if we all work together, reopening can still be successful.”
Pictured: Bedrock’s Ally Detroit Center.
For comments, questions or concerns, please contact Paul Bubny
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