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Old 04-24-2007, 07:55 AM
 
Location: Grand Rapids Metro
8,882 posts, read 19,866,048 times
Reputation: 3920

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Although this is more of a Detroit topic, I think it deserves some spotlight here in the general Michigan section.

http://www.detnews.com/apps/pbcs.dll/article?AID=/20070424/BIZ/704240344 (broken link)

LIVONIA -- As Quicken Loans/Rock Financial chairman and founder Dan Gilbert mulls a move to downtown Detroit, he's asking fellow business owners: "Who's coming with me?"

Gilbert, recalling a scene from the movie "Jerry Maguire," told The Detroit News that if he relocates his mortgage business, he won't be moving alone....

...Livonia-based Quicken is quickly outgrowing its existing headquarters. The company, which employs 4,600, is hiring about 250 a month and could break into the nation's top 10 lenders this year.


Anyone know where they are considering in downtown Detroit? I just hope they don't tear down another historic building to do it.
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Old 11-13-2007, 06:43 AM
 
Location: Grand Rapids Metro
8,882 posts, read 19,866,048 times
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It's official, Quicken Loans to move 4000 employees to downtown Detroit. You go D!

WOODTV.com & WOOD TV8 - Grand Rapids news, weather, sports and video - Quicken Loans moving HQ, 4,000 jobs to downtown Detroit
Move is a sign of hope for Detroit (http://www.freep.com/apps/pbcs.dll/article?AID=/20071113/BUSINESS04/711130379/1002/BUSINESS - broken link)
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Old 11-13-2007, 06:57 AM
 
Location: East Grand Rapids, MI
845 posts, read 3,273,334 times
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This is great news for downtown Detroit!
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Old 11-13-2007, 08:35 AM
 
1,039 posts, read 3,454,807 times
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This is great news for Detroit, but it will be ignored for the most part on this forum for the old plant closing across town with 80 employees.
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Old 11-13-2007, 02:21 PM
 
2 posts, read 6,625 times
Reputation: 11
The move will be to either the old Statler Hilton site on Washington Blvd. or to the former Hudson's site on Woodward.

Pros for Statler site are:
1. Larger than the Hudson site
2. Direct connect to Grand Circus Park
3. Adjacent to People Mover stop
4. Washington Blvd recently upgraded
5. New Westin Book Cadillac will anchor opposite end of Blvd
6. Close proximity to Fox, Comerica Park & Ford Field events
7. Possible neighbor could include a new arena for Red Wings?

Cons for Statler site:
1. Property owned by multiple entities (Detroit, Illitiches & others)
2. Presently deserted by many in business community
3. People Mover disects parcel
4. Not centrally located in Financial District

Pros for Hudson's site:
1. Next door to Compuware HQ
2. New lofts/condos adjacent
3. Campus Martius Park 1/2 block away
4. Closer to Financial District
5. Footings for new structure and parking garage in place
6. Recently upgraded Woodward Ave.
7. Owned by one entity (City)
8. Close to People Mover station.

Cons to Hudson's site:
1. Smaller than Statler site
2. Farther away from Stadiums/Theatres

This project will likely take 3 to 4 years according to the News. Which means that you should see a grand opening in the next 5-7 years. However, this is great news for the city. Now only if we could get Gilbert to buy out the Ford's interest in the Lions?!? Detroit is becoming a city of Sports Franchise Moguls (Illitich, Ford, Karmanos and now Gilbert). Welcome Quicken/Rock - 1-800-DET-ROCK!
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Old 11-14-2007, 02:41 AM
 
83 posts, read 66,570 times
Reputation: 12
Mortgage industry is dead and the credit industry will be the same...so finances are gone...Nope it aint noteworthy news to anyone and it shouldnt be...
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Old 11-14-2007, 06:04 AM
 
Location: East Grand Rapids, MI
845 posts, read 3,273,334 times
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Quote:
Originally Posted by FERRETI View Post
Mortgage industry is dead and the credit industry will be the same...so finances are gone...Nope it aint noteworthy news to anyone and it shouldnt be...
The mortgage industry is not dead. Home ownership rates in the US are still higher, despite the subprime fiasco, than they were 30 years ago.

Population of the US is still growing.

The mortgage industry will right itself just fine and keep on ticking.

The sub-prime mortgage industry is dead, but I don't think that's how Quicken/Rock makes their money anyway.
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Old 11-14-2007, 06:24 AM
 
1,039 posts, read 3,454,807 times
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Quote:
Originally Posted by FERRETI View Post
Mortgage industry is dead and the credit industry will be the same...so finances are gone...Nope it aint noteworthy news to anyone and it shouldnt be...
Yeah, but the 100 year old metal stamping plant that's closing down the street and losing 80 jobs is catastrophic news and a sign of Michigeddon.
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Old 11-14-2007, 06:43 AM
 
83 posts, read 66,570 times
Reputation: 12
If mortgage industry is just fine because subprime means nothing,then why there is no qualified buyers?Subprime was financed by overseas institutions as well and prime mortages are not that far away from going delinquent.Remembermiddle class america evaporated due to jobs being outsources and minimal wage jobs can not hold prime mortgages.The mortgage industry will come back when the feds lower the rates down to what it was that it fueled...like 1%...Then i can understand because they get cheap money by the feds,but remember with that comes a steep dollar devaluation enough to make americans pooer than any other developed nation.There is no other country that is going through recession except the states and especially michigan.
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Old 11-14-2007, 07:03 AM
 
Location: Grand Rapids Metro
8,882 posts, read 19,866,048 times
Reputation: 3920
Quote:
Originally Posted by FERRETI View Post
If mortgage industry is just fine because subprime means nothing,then why there is no qualified buyers?Subprime was financed by overseas institutions as well and prime mortages are not that far away from going delinquent.Remembermiddle class america evaporated due to jobs being outsources and minimal wage jobs can not hold prime mortgages.The mortgage industry will come back when the feds lower the rates down to what it was that it fueled...like 1%...Then i can understand because they get cheap money by the feds,but remember with that comes a steep dollar devaluation enough to make americans pooer than any other developed nation.There is no other country that is going through recession except the states and especially michigan.

Sorry, but the UK, Australia and Canada are all having troubled housing markets right now. It's not just the U.S.. But even if there is a recession, which very well may happen, it won't last forever. And Quicken/Rock benefit from a business model where most of their customers are not in Michigan, but they have had the cajones to keep and grow their business here in Michigan. Hmmm, what a novel idea.

BTW: If the middle class all evaporated, then who are the tens of thousands of people who are contributing to this City-Data forum? A bunch of homeless people tapping away at their local library?

More news today:

City pegs growth on Quicken (http://detnews.com/apps/pbcs.dll/article?AID=/20071114/BIZ/711140386 - broken link)

The development agreement with the city of Detroit includes four building sites.

The move may not add jobs, but it will certainly continue to enhance the image of Detroit, which reflects on the rest of the metro area and the state. Visitors to the Detroit area for business don't judge the metro area by looking at Birmingham or Plymouth, they base their assumptions on what they see downtown.

Last edited by magellan; 11-14-2007 at 07:20 AM..
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