Bedrock today announced it will waive all rent, expenses and parking fees for restaurants and retail tenants that qualify as “small businesses” for the months of April, May and June in order to help these businesses weather this time of uncertainty and allow them to use their resources to pay other bills and meet payroll commitments.
This decision was made in the wake of the spread of Coronavirus (COVID-19) and sweeping effects of recent government guidelines for community safety and preparedness. Bedrock recognizes that many of our small restaurant and retail tenants are experiencing an especially hard economic hit.
“As with all of our tenants, entrepreneurs and small businesses play an incredibly important role in our local economy, which has been central to Dan Gilbert’s vision over the last 10 years of his investments in Detroit and Cleveland,” said Bedrock CEO Matt Cullen. “It is going to take the entire community to mitigate the effects of this pandemic on the region, and we are happy to do our part to help our portfolio’s most vulnerable businesses weather the storm. We are staying in close contact with each of our tenants and stakeholders everyday to understand their needs and concerns, and how we can help.”
Qualification as a “small business” is based on criteria established using industry and governmental standards.
Bedrock is joined by several nonprofit organizations and government agencies, including our partners at the Quicken Loans Community Fund, who have also rolled out relief programs for small businesses. To help connect our tenants and other local businesses with these opportunities, bedrockdetroit.com is now home to a Resource Guide that will be continuously updated as new programs become available visit https://www.bedrockdetroit.com/small-business-resources/
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.
“It has been inspirational to watch as business owners have adapted to confront our current challenges,” continued Cullen. “At Bedrock we continue to look for additional ways to support our small business tenants, through catering orders, participation in virtual yoga classes, and more. We urge those living and working downtown to consult the site we’ve set up when you’re ordering lunch or dinner, or are looking for a social distancing-friendly gift idea.”