  Higgs1634 Member Username: Higgs1634 Post Number: 717 Registered: 10-2005 |
The familiar refrain in detroit development begins ...set times for decisions/openings become "sometime in the future" we might make a decision. At least there wasn't a fake groundbreaking on this one. quote: http://www.detnews.com/apps/pbcs.dll/article?AID=/20081023/BIZ/810230372/1001 (Message edited by higgs1634 on October 23, 2008) | ||
Detroitrise Member Username: Detroitrise Post Number: 3827 Registered: 09-2007 |
I figured that months ago. It's Not really news... | ||
Detroitstar Member Username: Detroitstar Post Number: 1385 Registered: 01-2006 |
I have heard from more then 1 downtown real estate person that Quicken is finished considering the move. I hope they are wrong, but it only makes sense in this economy. | ||
Registeredguest Member Username: Registeredguest Post Number: 434 Registered: 10-2003 |
Who cares. In this economy, Detroit's leaders should focus on three simple tasks: (1) restructuring tax structure to encourage growth and attract new residents; (2) restructure government to eliminate numerous useless, quasi-socialist services and departments (i.e. Department of Human Rights); and (3) deliver reliable services. Now is the time for Detroit to make the tough choices, to position itself as a competative city. Then, when the economy turns around, Detroit will actually be in a position to capture this growth. | ||
Detroitrise Member Username: Detroitrise Post Number: 3830 Registered: 09-2007 |
quote: I do care, because I seriously want Detroit's economy to be more centralized. The more people & storefronts you have downtown, the more car & foot traffic you'll see. Not to mention there would be an increased demand in developing a rapid transit system. Otherwise, I agree.  | ||
Thejesus Member Username: Thejesus Post Number: 572 Registered: 06-2008 |
I still think they'll move. When all is said and done, if they do end up moving, then it obvious that the tightened credit markets will have affected their plans to some degree, but the incentives the state is offering are too lucrative to think that Quicken won't do everything in their power to take advantage of these incentives while they're on the table. Now of course, they have to find someone to lend them the money to build first. But don't forget lenders are in business to make money, which means they have to lend money to someone...they can't just sit on their hands and expect to turn a profit....they're just going to be a lot more careful about who they lend money to going forward. Quicken will have to restructure their business a little to reflect the changing economic environment, but they still have a solid proven business model and they will be virtually operating in a tax-free zone (as long as they move) which makes them a far less risky investment than many of the alternatives that are available to lenders at the moment. | ||
Digitalvision Member Username: Digitalvision Post Number: 1412 Registered: 11-2003 |
Doesn't surprise me. Sad though. Means that we've got two areas that are going to be vacant for quite awhile. City needs to give that property away to someone with a development agreement and cash, even if it's only 2 or 3 stories. I'm going to be very frank and say there is zero demand for any high-rises in this region at this time or in the near future, and the demand is rare in such a car-based city. Highrises just don't make sense to build new. You can always tear something down after you build it. Those spots would be better served having 2 to five story building(s) with shops and affordable (not cheap, not luxury) residential in them or something other than being empty spaces with beams. For some reason in this city, in our wunderlust for tall and architectural d*** size contest with others we forget that high-rises only sensibly occur when the land value is high enough. The land is NOT worth that, despite what some might say. Downtown is simply not that desirable yet for that size development. So do an urban, up-to-the-street development for now on the Statler and especially Woodward sites. When the market picks up, do what cities have done for years - tear it down to build taller when the demand is there. Better than having a hole in the heart of downtown. Because to me, "urban" living is about streetlife and people and shops - not necessarily just architecture. | ||
Iheartthed Member Username: Iheartthed Post Number: 3564 Registered: 04-2006 |
The more important question is will Quicken even exist in a year? | ||
Daddeeo Member Username: Daddeeo Post Number: 211 Registered: 09-2008 |
No dough, no go. | ||
Benfield Member Username: Benfield Post Number: 69 Registered: 06-2008 |
quote:Sounds more like Birmingham and Royal Oak than Detroit. Just sayin... | ||
Rjlj Member Username: Rjlj Post Number: 719 Registered: 11-2003 |
^^ If that is the case, then mass amounts of stucco sided strip malls in grid formation should make you happy. | ||
Folk313 Member Username: Folk313 Post Number: 10 Registered: 01-2008 |
Sorry Digitalvision, you're wrong on basically every count. The idea that it is pressingly essential to fill a site such as the Hudson's site such that the right move is 2-5 story affordable housing and, presumably, low-end or service retail is weird and sounds arbitrary. What a miserable scenario. I don't think that your idea of 'urban living' really applies to these in any way, whether it is high-end or not. When the time comes to put something on the Hudson's site, there's no need even then to make it mixed-use; other vacant structures downtown can more lucratively fill housing needs should they arise. So this urgency you articulate to put housing on the sites under Quicken's consideration is, "frankly," strange. | ||
Sean_of_detroit Member Username: Sean_of_detroit Post Number: 2045 Registered: 03-2008 |
I think there is also a marketing aspect to it. A good size building (with logo) off Grand Circus Park, is going to be seen by almost every Metro Detroit, at some point. It also shows that they are attempting to be socially responsible (not sure if that message would still be there now, though). (Message edited by Sean_of_Detroit on October 24, 2008) | ||
Scottr Member Username: Scottr Post Number: 920 Registered: 07-2006 |
quote: QuickBooks is not part of Quicken Loans. Quicken Loans was named such when Intuit bought it, because Intuit is best known for a piece of financial software called Quicken, and getting into the mortgage business was an expansion of that. They later sold that business back to Gilbert. Intuit also makes Quickbooks, which is accounting software aimed at small businesses. (Message edited by scottr on October 23, 2008) | ||
Sean_of_detroit Member Username: Sean_of_detroit Post Number: 2046 Registered: 03-2008 |
Got it. I thought Intuit and Rock Financial were intertwined with Quicken Loans. Thanks for the clarification. | ||
Sean_of_detroit Member Username: Sean_of_detroit Post Number: 2049 Registered: 03-2008 |
Is Quicken/Gilbert still pressing for light rail on Woodward? | ||
Peachlaser Member Username: Peachlaser Post Number: 236 Registered: 08-2006 |
This pretty much summarizes the financial crisis... Things are bad when a loan company can't get a loan. | ||
Border5150 Member Username: Border5150 Post Number: 275 Registered: 03-2004 |
It's dead Jim... | ||
Eric Member Username: Eric Post Number: 1202 Registered: 11-2004 |
I don't think this dead at all, Dan Gilbert seems far too committed to this city to let this die. The move likely will be stalled, but I'd expect to see Quicken move within the next couple of years. | ||
Jz_detroit Member Username: Jz_detroit Post Number: 47 Registered: 12-2005 |
Anyone hear anything? Them seemed so confident on the move. | ||
Higgs1634 Member Username: Higgs1634 Post Number: 720 Registered: 10-2005 |
quote: Considering the impetus for his advocacy was to make the area attractive to his employees and draw in new businesses... I think we'll be hearing about 'plans' and 'studies' for another 20 years. | ||
Gencinjay Member Username: Gencinjay Post Number: 72 Registered: 03-2008 |
I don't know if I missed it someplace else, but the move may be taking another form but not dead. Crain's is reporting that they are close to a deal to lease an existing building downtown. They mention 1001 Woodward, Comerica Tower and Chase Tower as possibilities. The article also says it's a better business move right now to lease an existing building rather than building new (duh). http://www.crainsdetroit.com/a pps/pbcs.dll/article?AID=/2008 1102/SUB01/811030336 | ||
Andylinn Member Username: Andylinn Post Number: 1090 Registered: 04-2006 |
I just wish they could take over Book Tower! That would be AMAZING! (but I know, it won't happen) | ||
Detroitrise Member Username: Detroitrise Post Number: 3909 Registered: 09-2007 |
quote:  I was really hoping for some new buildings. | ||
Professorscott Member Username: Professorscott Post Number: 1683 Registered: 12-2006 |
Agree, 'rise, but in this economy I'll take someone leasing vacant space in an existing building over nothing at all. | ||
Iheartthed Member Username: Iheartthed Post Number: 3598 Registered: 04-2006 |
So if they leased downtown instead of building, would this speed up the timetable for the move? | ||
Detroitrise Member Username: Detroitrise Post Number: 3910 Registered: 09-2007 |
quote: True. Well, a 1001 Woodward move would not only compliment Compuware, but it would increase the chances of completion at "The Griswold" and development of the Monroe Block. (Message edited by DetroitRise on November 11, 2008) | ||
Detroitrise Member Username: Detroitrise Post Number: 3911 Registered: 09-2007 |
quote: It would likely be a gradual move (like Comerica did when they moved to Dallas). | ||
Iheartthed Member Username: Iheartthed Post Number: 3600 Registered: 04-2006 |
^Livonia is not 1,200 miles from downtown Detroit. | ||
Detroitrise Member Username: Detroitrise Post Number: 3912 Registered: 09-2007 |
quote: No one said that, but I don't expect all of the Quicken offices in Michigan (and possibly other states) to be consolidated with the snap of a finger. |
