  Tetsua Member Username: Tetsua Post Number: 497 Registered: 01-2004 Posted From: 69.246.5.196 |
This article from Crains Karmanos: Local investment interest still strong By Andrew Dietderich • January 30, 2006 It may be great that out-of-town money is investing in Detroit, but Peter Karmanos wants it on the record that local companies are investing, too. “We built a new building, there will be another company just our size that is coming down here, Four Seasons wants to build a hotel downtown,” he said. “The newcomers that think we’ve given up on it? Maybe they should go back to where they came from.” Karmanos is founder and CEO of Compuware Corp. (Nasdaq: CPWR), an information-technology company that had more than $1.2 billion in revenue in 2005. The company moved its headquarters from Farmington Hills to Detroit in 2003 and spent $400 million on its new digs. About 3,000 workers are based in the building and many surrounding businesses have said that they are thriving because of the additional traffic. Karmanos said he believes that city officials are working hard to replace tax base eroded by the construction of expressways through the city’s heart. In addition to developments along Woodward, he also pointed to the new stadiums, built with local money, as proof that locals haven’t abandoned Detroit. And, the Ilitch family, which pulled up stakes in Oakland County and moved Little Caesar headquarters downtown in 1987, recently announced a series of plans to invest in the Fox Theatre and other Detroit buildings in its portfolio. “All of these things have re-energized the city,” said Ann Lang, president and CEO of the Downtown Detroit Partnership. Lang said she isn’t surprised at renewed business interest both locally and out-of-town. “And it’s not just for the Super Bowl, either. These are people, investments and projects that are here for the long haul. … You just didn’t have that 10 years ago.” | ||
Naturalsister Member Username: Naturalsister Post Number: 458 Registered: 11-2004 Posted From: 68.42.169.65 |
You gotta love Pete! later - naturalsister | ||
Cmubryan Member Username: Cmubryan Post Number: 212 Registered: 11-2003 Posted From: 68.42.169.179 |
Four Seasons wants to build a hotel downtown?!! Is he serious? A FIVE STAR hotel downtown, that would such another wonderful boost if it materialized. We don't even have a five star hotel in Michigan! I wonder where he got this information from? | ||
Wmuchris Member Username: Wmuchris Post Number: 166 Registered: 06-2005 Posted From: 69.58.36.2 |
“The newcomers that think we’ve given up on it? Maybe they should go back to where they came from.” -Karmanos No no.... Please Don't go back where you came from!!!!!!! Stay here, invest, live, prosper | ||
Detroitduo Member Username: Detroitduo Post Number: 467 Registered: 06-2005 Posted From: 194.138.39.55 |
What other company about the same size as Compuware? | ||
Dag Member Username: Dag Post Number: 182 Registered: 10-2003 Posted From: 69.241.254.67 |
CMU, the Ritz Carlton in Dearborn might be construed by some to be a 5 star. | ||
Belleislerunner Member Username: Belleislerunner Post Number: 224 Registered: 12-2003 Posted From: 198.204.133.208 |
Ritz Carlton, Townsend, Royal Park Hotel and Amway Grand Plaza are all four star hotels. | ||
Dag Member Username: Dag Post Number: 183 Registered: 10-2003 Posted From: 69.241.254.67 |
I stand corrected. | ||
Bobj Member Username: Bobj Post Number: 408 Registered: 11-2003 Posted From: 65.221.183.220 |
I think the Antheneum (sp) is the highest rated hotel in the CBD | ||
Detroitduo Member Username: Detroitduo Post Number: 468 Registered: 06-2005 Posted From: 194.138.39.55 |
What company, same size as Compuware, is coming downtown????? | ||
Tetsua Member Username: Tetsua Post Number: 498 Registered: 01-2004 Posted From: 69.246.5.196 |
Maybe Rock Financial? | ||
Merchantgander Member Username: Merchantgander Post Number: 1535 Registered: 01-2005 Posted From: 150.198.164.127 |
Rock Financial | ||
Blessyouboys Member Username: Blessyouboys Post Number: 252 Registered: 07-2005 Posted From: 69.209.164.1 |
Hi! I'm David Hall from Rock Financial! | ||
1953 Member Username: 1953 Post Number: 672 Registered: 12-2004 Posted From: 209.104.146.146 |
I hope David Hall reads this forum regularly so he understands just how much we want his company to move downtown. | ||
Jdkeepsmiling Member Username: Jdkeepsmiling Post Number: 6 Registered: 01-2006 Posted From: 208.50.91.234 |
There has been a lot of speculation that Rock Financial will be coming Downtown and building on the former Hudson's block. They are very fast growing, adding over 2,000 employees last year. They have outgrown thier current Livonia offices, and have recently rented additional offices in Livonia. They are on track to add over 1000 workers this year as well. I think that they would b e agreat addition to the CBD, being the largest online lender in the US. Thier office tower could be coupled with a hotel, or condos, so we could accutally get a new skyscraper Downtown. They do not give a media relations email onthier site but they have a general inbound email: help@rockfinancial.com Lets all email them and call them and encourage them to go Downtown. | ||
Merchantgander Member Username: Merchantgander Post Number: 1536 Registered: 01-2005 Posted From: 150.198.164.127 |
Rock could careless what a bunch of people on the internet think or that it would be good for the city if they moved downtown. What Rock and any other good company care about are the tax benefits they receive from being in a Renaissance zone. | ||
Skulker Member Username: Skulker Post Number: 3480 Registered: 10-2003 Posted From: 67.103.104.93 |
No, Karmanos wants to build a Four Seasons hotel on the Hudsons site. Problem is a Four Seasons half the size of the Book Cadillac (200 or so rooms) would cost as much as the Book Cadillac. The direct cash subsidy, NOT loans would be well over $40 MM. Not worth it. | ||
_sj_ Member Username: _sj_ Post Number: 1197 Registered: 12-2003 Posted From: 69.220.230.150 |
He has talked about the hotel for years. Back as far as about 98/99 as I can remember. don't get your hopes up. | ||
Alexei289 Member Username: Alexei289 Post Number: 1021 Registered: 11-2004 Posted From: 68.61.183.223 |
so what? BTW... if four seasons has interest in the Downtown Hotel Market... doesnt that flat out spell Racism and Bias to the banks that are using a deflated hotel market in the CBD as a reason to not offer financing to the Book Cadillac??? I honestly think they are succumbing to the age old perception that plagues so many unfortunatly ("Why would I finance a hotel in Bukutown...") Before I get my ass pummeled, this is not my opinion, dont shoot the messenger... but honest to god it appals me how many times I am working with a home builder or contractor, bringing up the possibility of doing some work in the city (as I have plenty of) and the response I get over and over again is "... your nuts, Im not touchin spookietown..". (please notice the quotation marks) .. And the response seems to be almost along the same lines from just about everyone I work with... Unfortunatly im not in a position to pick and choose who I work with right now... and really since its so widespread (I work with many different people) it wouldnt make much of a difference. THese are pretty legit homebuilders... building countless Mc Mansions in oakland township, lake orion ect... as well as ones that build many of the projects in RO and elsewhere... that mentality, in all its bigotry just seems to be the norm wherever I go or work... I mention Detroit and people freeze in fear.... like I mentioned the deepest circle of hell to do business in. It pisses me off but I really have to hold my tounge because that feeling is soooooo deeply rooted in these people and heaven nor hell will convince them otherwise... The Detroit=Black=crime=bad , Suburbs=white=safe=good mentality is taught from day 1 of many people's life here... to change it would be the equivilant of changing the alphabet..... It is so completely widespread that I really have to turn stones to find those that do not hold the same opinion. Thank god I found this forum, because this is really a relief for me to be around a crowd that actually feels as I do.. Not me against the world... Becuase outside of here... I dont know who you guys work with.. but in the building trades... the opinion starts out ugly for Detroit and goes downhill from there. Could you Imagine the bitching and whining that all of SE Michigan would have to hear from Livionia if Rock Financial? Damn that would be awsome and with 2 new NON AUTO! firms in the city, the doors that would open to a stable economy in every aspect of the metropolis... and a garage door open for smaller firms in the area. | ||
Everydayislikesunday Member Username: Everydayislikesunday Post Number: 167 Registered: 12-2004 Posted From: 68.41.153.99 |
in a perfect world, the four seasons would not build a new structure, but renovate the book cadillac. | ||
Jdkeepsmiling Member Username: Jdkeepsmiling Post Number: 8 Registered: 01-2006 Posted From: 208.50.91.234 |
In a perfect world, there would be enough demand for both the BC and a new Four Seasons. | ||
Dialh4hipster Member Username: Dialh4hipster Post Number: 1370 Registered: 11-2004 Posted From: 68.250.205.35 |
Don't even get me started on "in a perfect world!" | ||
Jdkeepsmiling Member Username: Jdkeepsmiling Post Number: 9 Registered: 01-2006 Posted From: 208.50.91.234 |
hahahahahaha, fair enough. | ||
Everydayislikesunday Member Username: Everydayislikesunday Post Number: 168 Registered: 12-2004 Posted From: 68.41.153.99 |
good point. i don't think lowell has enough bandwidth for "perfect world" scenarios. | ||
_sj_ Member Username: _sj_ Post Number: 1199 Registered: 12-2003 Posted From: 69.220.230.150 |
He likes to make statements/promises he does not keep. So don't get your hopes up.
That is whay they see, that is what hear, that makes it truth. | ||
Mind_field Member Username: Mind_field Post Number: 476 Registered: 10-2003 Posted From: 209.240.205.61 |
so Karmanos has already been discredited in regards to the four seasons, now what about the company he says that will move downtown that is the same size as Compuware? I'm assuming he is referring to Rock Financial, but is he speculating out of his ass? Or is it a for sure thing? It seems like he said it WILL happen, not that he wishes it will happen. SKULKER, without giving the name of the company, obviously, will another huge corporation move downtown in the next few years? | ||
Sharmaal Member Username: Sharmaal Post Number: 651 Registered: 09-2004 Posted From: 136.2.1.103 |
Maybe Karmanos reads the forum! Maybe Karmanos is Ilovedetroit! | ||
Ericdfan Member Username: Ericdfan Post Number: 95 Registered: 08-2005 Posted From: 68.41.117.60 |
"Rock Finaancial is a supporting sponsor of the Detroit pistons" haha | ||
_sj_ Member Username: _sj_ Post Number: 1204 Registered: 12-2003 Posted From: 69.220.230.150 |
He has been spotted in the Rock Financial suite at the Palace according to his radio interview. | ||
Skulker Member Username: Skulker Post Number: 3482 Registered: 10-2003 Posted From: 67.103.104.93 |
Wow, there seems to be a lot of wild haired tangents here about the Four Seasons issue. Four Seasons is like any hotel comapny. They do not own the majority of their properties, the properties are built and owned by a developer and the hotel company (called a "flag") simply operates the property. Flags grow through two different ways: 1 - Flags have certain markets they would like to be in or have growth areas they would like to exploit and will search for developers that will partner to get it done. 2 - Flags are approached by a developer that feels a market is underserved. The developer pitches a project and if the numbers work, the flag partners up. Four Seasons is not looking at the Detroit market. They are willing to operate here if there is a developer willing to pony up enough money to get the project done to their standards. Karmanos wants a Four Seasons here and is willing to put a certain amount of cash. The amount his is willing to put up is not enough to cover the gap between operating and construction cocts and the revenue generated by the hotel. He wants the City to pony up the cash to make it work. The cash in this case would be essentially a large cash grant as even a loan would not be repayable by the project. In the case of the Book Cadillac, the City is helping bridge the fiancing through loans, NOT grants. The Four Seasons project, while much smaller scaled than the Book Cadillac would be nearly the same cost. So no, Four Seasons does not "want" to be here in that they are not actively targeting Detroit and looking for development partners. The "would" come here if the deal was right for them. The deal that is right for them is not right for the City at this point. That isn't "discrediting" Karmanos, its just cutting through the spin of a businessman trying to get what he wants but can't / won't pay up for it. |
