The leases of participants in Bedrock Relaunch will be temporarily amended to reflect:

• All rent and fees waived for the month of June, as a grace period for ramping up their business;
• Base rent waived in favor of paying 7% of gross sales;
• And tenant's security deposit may be applied toward re-opening costs and costs associated with space modifications or reconfigurations via reimbursement.

"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," Cullen said in a statement.

To be eligible, a tenant must currently operate as a retailer, or food and beverage purveyor, or is a new tenant that opens before Dec. 31, 2020 – when the program and amended leases expire.

The tenant must also be in good standing as it pertains to their lease agreement prior to the pandemic.

Since March, Bedrock and the Rock Family of Cos. has committed millions to building up local businesses, through rent relief, personal protective equipment procurement and grant funding.

Cullen said "Bedrock Relaunch" is a continuation of that effort and a nod to  Bedrock's history. What began when Dan Gilbert spearheaded the purchase of his first building, The Madison in 2011, has evolved to become one of Detroit's largest full-service real estate firms with over 100 properties acquired and developed over the last decade.