DETROIT — A bold $1.6 billion redevelopment initiative was unveiled on Monday, aiming to transform the renowned Renaissance Center by demolishing two of its towers and repurposing the area into a combination of residential and office spaces.

The Renaissance Center, often seen in aerial shots during sports broadcasts, is a significant symbol of Detroit. However, next year it will lose its status as the headquarters for General Motors Co., which has opted to relocate to a more contemporary structure currently under construction in downtown Detroit.

In April, GM announced its decision to team up with Bedrock, a real estate development company, along with Wayne County, to repurpose the partially vacant facility into an approximately 27-acre entertainment hub spanning across the Detroit River from Windsor, Ontario.

Under the proposed development, Bedrock plans to invest at least $1 billion into the Renaissance Center. An additional $250 million is expected to come from GM, with another $250 million anticipated from public funding sources—potentially from the state of Michigan.

The conceptual project proposed by Bedrock aims to retain the existing skyline while optimizing the center’s office space. The dismantling of the two 39-story towers will create room for waterfront developments, enhancing the area with a riverfront promenade that connects downtown Detroit to the waterfront, according to a press release from Bedrock.

The main 73-story tower will remain intact, featuring upscale residential apartments on the upper levels, as initially reported by Crain’s Detroit Business.

GM’s CEO, Mary Barra, emphasized in April that moving to a new, state-of-the-art facility will be advantageous for the company, helping it attract talent moving forward. The new GM building, developed by Bedrock, is situated just about a mile (1.6 kilometers) north of the current Renaissance Center, ensuring that GM retains its headquarters within the city for the years to come.