  Mackinaw Member Username: Mackinaw Post Number: 3736 Registered: 02-2005 |
No, not at all. You can plainly see that this is a company that, while not to the point of being altruistic, simply has a preference for being in downtowns. Read the quotes. Who says they need to rehab the Whitney (which is actually in good shape, anyway)? There is class A space in perfectly good buildings available. They could slap their name on One Woodward; the Guardian might have enough space for them even with the County being there; Comerica Tower could become BoA tower. No rehabbing neccesary at these places. | ||
Dannaroo Member Username: Dannaroo Post Number: 163 Registered: 05-2006 |
Regarding the "Regional HQ" being here in metro Detroit, the region that is headquartered here is Michigan, Indiana, and Ohio (not just Michigan). | ||
Quinn Member Username: Quinn Post Number: 1485 Registered: 01-2005 |
I can't help it.  | ||
Gnome Member Username: Gnome Post Number: 125 Registered: 08-2007 |
MAck- The Whitney is a great building, but it needs new windows, plumbing, electrical and heating. Is that major, maybe not in your book, but combine those facts with few parking choices for 800 at Grand Circus and I don't see the allure. I did read the quotes, and they sound like a guy smiling while tip-toeing in a chicken pen. The million for the mayor's slush-fund smells like an open bribe. In Africa, I always brought gifts to the village elder because it made good sense for a happy life, it looks the same to me. Personally, I'd love to see them take over the Wayne County Building or the soon to be empty original MGM building, heck, even the Book Tower would be great. "Regional Centralization" is an oxymoron. It means the same as Mandatory Option or Marital Bliss. If the Region is MI, IN, Ohio why would outstate Michigan, Ohio and Indiana get any juice off their bank being in D-town? | ||
Mackinaw Member Username: Mackinaw Post Number: 3737 Registered: 02-2005 |
Everything needs a center. We've learned from metro Detroit the severe consequences that come from not having a functional center. I agree, they will not pursue the Whitney Building. As to the question of why would they go to downtown Detroit...why do banks go downtown everywhere else? Either that location puts them close to other banks, stock exchanges, corporations, and courts, or it is simply a matter of prestige and credibility. It's a long-held tradition, and it appears that BoA subscribes to that. | ||
Spiritofdetroit Member Username: Spiritofdetroit Post Number: 610 Registered: 11-2006 |
And an added bonus for them..If they move downtown they will surely get to handle the city's finances.... even with its troubles, it is still a 1.4 billion budget.... | ||
Gnome Member Username: Gnome Post Number: 126 Registered: 08-2007 |
Mack- I respect your opinion, but history is one thing and money is another. Historically, banks were close to eachother and to the courts inorder to move documents swiftly from one location to another. We do that with binary code nowadays. The BoA is taking over the bank that was founded as Standard Federal in Birmingham. Standard Fed was a family run enterprise and planted it roots in the fertile soil of Oakland County. If they move to D-town will Oakland County pull their 3 billion account? Do you think Brooks would think twice about slapping around a firm that was moving 800 jobs out of his County? ever hear of a nanosecond? A long-held tradition isn't a economic reason. I will willingly jump on the BoA D-town bandwagon if anyone can provide me with a solid economic reason. | ||
Danindc Member Username: Danindc Post Number: 3416 Registered: 10-2003 |
It's always nice to be close to your clients (especially those with $$$), and vice-versa. | ||
Mind_field Member Username: Mind_field Post Number: 796 Registered: 10-2003 |
Um so Oakland has a $3 billion account with LaSalle/BoA. Who does Wayne County bank with and how much is their account worth? The combined City and County accounts might be enough to outweigh the loss of an Oakland County account. | ||
Gnome Member Username: Gnome Post Number: 127 Registered: 08-2007 |
In the war of who swings the biggest $ club, Oakland has been winning that dust-up for 40 years. For it to work, the Wayne County Commissioners and Ficano will want to lock arms with Kwame and the City Council. Not a lot of love between those groups. Moreover,do we think an all out poaching of businesses is good for the metro region? I'd love to sit in on the next meeting between Ficano and Patterson; especially when Ficano is asking for some help. Hmmm, interesting. The real question is, what are the financial benefits for BoA to move downtown? Prestige? Passion for urban areas? Entreprenual zeal? The BoA CEO dances to the tune of his Board of Directors and he gets paid based on making good financial decisions. Please, I want to be convinced. I want to believe. I want BoA to move downtown. | ||
Quinn Member Username: Quinn Post Number: 1487 Registered: 01-2005 |
Ahem...as the City of Detroit goes, so do all of the suburbs. Lets build up our core before we implode people. | ||
Detroithabitater Member Username: Detroithabitater Post Number: 47 Registered: 10-2006 |
First Michigan National->Standard Federal->LaSalle Bank->Bank of America Who buys BOA? | ||
Mackinaw Member Username: Mackinaw Post Number: 3738 Registered: 02-2005 |
One county's municipal account is a drop in the bucket for a bank this huge. I don't think losing the OC account will stop BoA from doing what they want to do. And what's another bank with Oakland county heritage that they could threaten to move their account to, anyway? Would they be so immature as to move their account to any old bank besides BoA if they moved to Detroit? | ||
Rb336 Member Username: Rb336 Post Number: 2695 Registered: 02-2007 |
Bob's Bank and Trust of Blue Ball, PA | ||
Gnome Member Username: Gnome Post Number: 128 Registered: 08-2007 |
Come on Mack, your response isn't up to your high standards of reason and logic. I'm just looking for a reason to jump on the bandwagon and a what-if hypothetical ain't moving my feet to jump. | ||
Detroitrise Member Username: Detroitrise Post Number: 160 Registered: 09-2007 |
Gnome, I see your point. You think it's pointless to move a company in one part of a region to another. However, look at the presence they could have on Downtown Detroit. They already donated money to the rehabilitation of the neighborhoods. I could just imagine what they have in store once they locate in Downtown Detroit. Look at the difference a Compuware move made. Look at how GM has helped in rejuvenating our riverfront. Besides, as many banks that are in Oakland County, you saying that Brooks will possibly withdrawl his money from the bank because they moved to Detroit is a poor assumption asserting how backwards our region is. Also, I'm sure Brooks isn't that immature to the fact that he will snatch out all 8 billion or million dollars or whatever and stick it in a bank when he's been affiliated with BOA for the longest (a bank he can trust). Besides, I also agree with Mackinaw. As many corporations and people that have their money deposited in BOA, his puny account isn't going to hurt one little thing. (Message edited by Detroitrise on October 03, 2007) | ||
Mackinaw Member Username: Mackinaw Post Number: 3743 Registered: 02-2005 |
So you say, Gnome. Why should there be a bandwagon? We can't persuade them, they'll decide for themselves. Now here's a bit of interesting economic theory I picked up the other day: being rational does not prohibit altruism. Economic decisions can, sometimes, be made with the influence of ideas of the greater good, etc. This is especially true of the wealthy, and major companies with large war chests. Who says they'd become less profitable by renting different office space, anyway? | ||
Gnome Member Username: Gnome Post Number: 129 Registered: 08-2007 |
No doubt, DR, I'm a huge downtown fan, I feel the energy and I'm part of the whole thing. True, Compuware made a huge impact, and it happened because Peter K is a bigger fan of Detroit than anyone on this site. He moved downtown, because of love and opportunity, not because it made perfect business sense. Peter K is a hometown boy. He's a visionary and he saw "free" land, tax incentives, and the ability to make a massive impact. Hats off to him. GM is a hometown company that had the opportunity to buy the Ren Cen for what, 6 million? A building that cost 20 mil to build in 1975; meanwhile they could dump their old HQ on the State, pocket a massive tax write-off, and consolodate all Divisional sales and marketing under one roof. The last time sales and marketing were under the same roof was 1939. Heck, what's not to like? Those moves made financial sense for Compurware and GM; I'm just not seeing it for BoA. One, they don't have a local committment, two they have a perfect building that more than handles their current and future plans. They could move downtown and add to the full jiz that's going on; they could plant their flag and I wish they would, but they could move downtown at any time. But I've been through a few buy-outs and consolidations and whenever one company buys another, it takes a while for folks to work together. Hell, it takes a while just to print up the letterhead. It doesn't seem like a good management move to buy a new firm, fire a third of the employees, close a third of the branches, AND move to a new HQ. Jeeze, how many flaming knives do you need to juggle? | ||
Andyguard73 Member Username: Andyguard73 Post Number: 248 Registered: 03-2006 |
Gnome, the Ren Cen cost 500 million to build in the 70's and GM paid 73 million for it in '96. | ||
Drm Member Username: Drm Post Number: 1153 Registered: 10-2003 |
quote:Actually, according to ABN Amro's website: quote:That is the building that was most recently home to Raymond James. http://www.abnamro.com/com/abo ut/history/timeline_nf/standar dfederalbank-1.jsp Standard Federal was headquartered in Detroit until: quote:http://www.abnamro.com/com/abo ut/history/timeline_nf/standar dfederalbank-3.jsp | ||
Mackinaw Member Username: Mackinaw Post Number: 3744 Registered: 02-2005 |
Thank you very much, Drm. I found it hard to believe that a bank was founded in little old Birmingham way back when. | ||
Gnome Member Username: Gnome Post Number: 130 Registered: 08-2007 |
thank you andyguard and DRM for setting me straight on my details, it never serves a purpose to get the facts wrong when we are discussing such matters. I always knew Standard Fed as the local B-ham bank when I lived there. | ||
Lefty2 Member Username: Lefty2 Post Number: 246 Registered: 07-2007 |
Only makes sense since BofA is one of the biggest money launderers in the world. With the Loonie getting large, watch a lot of Canadian money being flushed through here. | ||
Detroitrise Member Username: Detroitrise Post Number: 171 Registered: 09-2007 |
I wonder why hasn't the region worked with Windsor's region for some type of extension of the People Mover or something over there besides a Bus? It's just a out of the blue thought. | ||
Detroit_stylin Member Username: Detroit_stylin Post Number: 5103 Registered: 10-2003 |
Something about the whol customs/ national security thing DR... | ||
Cabasse Member Username: Cabasse Post Number: 62 Registered: 01-2006 |
http://skyscraperpage.com/diag rams/?30731146 safe to say they like to have presence... | ||
Titancub Member Username: Titancub Post Number: 90 Registered: 08-2006 |
BoA is a great bank and a great company. Exciting to see the CEO with the area on his agenda, plus the potential of moving downtown. Overall I predict they will be good for the area. They have ATM's at a couple of the malls - I know 12 Oaks for sure. Their growth is going to be less on personal deposits and more on other services offered. With this acquisition they actually hit the max limit in deposits allowed by the Fed gov't (1 bank can hold a max of 10% of all deposits). MikeTor - Charlotte is a cool little city. As Paul said there has been tremendous growth there and while the downtown isn't huge its full of new development all over the place (both office and residential), and is clean and safe. Been there several times and have some friends who live there and love it. | ||
Titancub Member Username: Titancub Post Number: 91 Registered: 08-2006 |
Also to follow up - They are good corporate citizens. They are building a new Manhattan highrise in midtown that is top of the line LEED certified - cutting edge of environmental friendliness. That ends my BofA love fest for now. | ||
Scruffy Member Username: Scruffy Post Number: 19 Registered: 04-2007 |
Economic justifications: 1. Only 800 people left in an outdated headquarters that is designed to house 3 times that many, that also sits on very valuable land (see Kmart HQ being bulldozed up the street). 2. CIty's ability to offer a deal to come downtown that will meet or beat any suburban alternative. 3. Influx of accounts from City as well as others who feel that Comerica abandoned the region. 4. Signage rights on skyline building 5. Huge PR boost that essentially obscures the job losses. | ||
Greatlakes Member Username: Greatlakes Post Number: 22 Registered: 07-2007 |
http://skyscraperpage.com/citi es/?buildingID=3197 Wouldn't that be nice? |
