Bedrock Real Estate

Leading resurgence in Detroit

By Erica Rascón on Dec 11, 2013 in People

Detroit refuses to settle for the status of a has-been city. Tough economic times have certainly taken a toll. But rather than losing hope, city leaders are seizing the opportunity to recreate The Motor City as a metropolitan hub valued for its cultural offerings. Yardi client Bedrock is leading the way in the resurgence of one of America’s most iconic cities.

Dan Mullen, Vice President of Development at Bedrock, has never doubted that Detroit was worth the fight. “It’s an amazing opportunity to be in Detroit,” he says. “An urban location provides this indescribable energy: being surrounded by industry, historic architecture, a place where everything is walkable, where you can work and play. As a company, having the opportunity to purchase and redevelop historic buildings and impact the outcome of one of the great American cities is something that we take pride in.”

Bedrock leverages its position as the real estate services branch of Quicken Loans to purchase and redevelop properties in the downtown district. Bedrock works with affiliate companies to then “tie the thread,” or work together in the redevelopment process to ensure that local companies reap the benefits of the city’s growth. It’s truly a team effort that aims to pull everyone forward together.

Mullen values the collaborative process, “We work closely with the city, Detroit Economic Growth Corporation, other developers and local businesses. We’re all one big team to help revitalize all of downtown Detroit. Bedrock definitely plays a role in [the resurgence] but we also have a lot of amazing partners.”

The partnerships have helped Bedrock develop 8 million square feet of commercial space. But that’s only the tip of the iceberg. Demand for quality office space is rising downtown. Bedrock has responded by purchasing historic buildings, giving them a modern interior makeover, and then positioning them for the growing market. “We’re redeveloping those spaces as fast as we possibly can so we can offer that space for tenants who want to relocate downtown, or upgrade, or their company is growing,” says Mullen. Though new construction may be inevitable, Bedrock and other local leaders plan to make the most of existing architecture. It’s part of a well-known effort to preserve Detroit’s history while paving the way for an even more prosperous future–without tacking on the problems of urban sprawl.

With each new project, Bedrock keeps people center stage. The spaces must be functional for tenants, welcoming and exciting. They must contribute to the overall desire to make Detroit a rich cultural destination rather than a concrete empire. “We’re going to help rebuild and revitalize downtown Detroit,” Mullen affirms. “Within that vision, we’re providing an experience for Detroiters, suburbanites, and travelers from around the globe to come downtown and get an experience that you can’t get anywhere else. Through real estate, we’re really trying to develop that growth strategy.”

The innovative ideas needed to reinvent Detroit must be nurtured in a creative, encouraging environment. Bedrock strives to provide that atmosphere for employees, who are celebrated as the bedrock of the company’s culture. “We have an amazing team,” Mullen explains. “Our leadership team and team members are encouraged to be their own person and come up with amazing ideas and implement those ideas. The people really develop the culture; the foundation and philosophies are there but it’s the people who take so much pride in what they do, who love their jobs, that make the difference.”

That sense of pride has fostered resilience in Bedrock employees, many of whom see the widespread success of Detroit as an objective on their curriculum vitaes.  “Everyone has a sense of ownership because they’re part of something bigger here at Bedrock. It’s not just having a job,” says Mullen. Personal investment in the cause upholds the team’s determination to succeed. Failure simply isn’t an option for Bedrock or its Detroit headquarters. “We only have a Plan A,” says Mullen. “Plan B is just a distraction to Plan A.”

We asked the Bedrock team to weigh in on how Yardi Voyager helps them increase efficiency and manage their day to day operations. Here are the insights they shared:

How has Voyager affected daily operations at Bedrock?

Voyager is a superior property management software tool.  Very easy to use and user-friendly.  Client Central has many training tools in various forms (i.e. manuals, video’s and webinars) that are very helpful along with Client Services who always respond quickly.

What features do you find to be the most useful?

The drill down feature is most helpful.  Being able to drill down from whatever screen you are in saves time from going back and forth trying to research.

Are you using any products in addition to Voyager?

YSL – Yardi Spreadsheet Link is a great tool for financial reporting and for allowing you to customize your reports.