Billionaire businessman Dan Gilbert has proposed a building at the historic J.L. Hudson site in downtown Detroit. The 734-foot tower, a few feet taller than the Renaissance tower, would be the tallest building in Michigan if erected.

Detroit’s Downtown Development Authority approved Gilbert’s plans Wednesday morning. Gilbert has until Nov. 1 of this year to get finances in order and then construction will begin in December.

The proposed mix-use development will be 52 stories tall and include 250 units of residential living, a market and two floors of retail and office space. It is estimated that the building would cost more than $700 million.

Gilbert and his real-estate firm Bedrock own nearly 90 properties in the Detroit area. This project is of particular importance to Gilbert and many Detroiters because of its historical significance.

The site was home to the former Hudson’s department store, until it was demolished in 1998. A website has been launched for the new building, Bedrock’s hope for the site.

“This new, transformational development will rise from the two-acre site of the former J.L. Hudson’s Department Store,” the website reads. “It will be a catalyst for returning the once-commercial heartbeat of the city to an economic engine once again.”

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