Quicken Loans Will Move into Rented Space Downtown

They just couldn't wait, so members of the executive team of Quicken Loans are moving into rental space in Downtown Detroit next spring. Compuware Corporation is making room for 1700 of them in its new headquarters building at Campus Martius, in the heart of Downtown.

Not quite two years ago we helped Quicken find several possible locations to build a new headquarters building for its 4,000 employees, but financing is hard even for a company that sells home mortgages. Of course, the company name is "Quicken" not "Waitin'," so they found a way to get Downtown quicker than waiting for credit markets to open up.

It's still very clear that the company wants to build downtown eventually. The Detroit Downtown Development Authority (DDA) offered the company several potential sites for a new building. Key components of our support package include:

• Providing annual assistance of $1.25 million to $2 million to offset parking costs for employees. The amount of the assistance will depend on the actual number of employees working downtown, with a minimum number of 1500. It will start when the move takes place.

• Offering three possible properties for Quicken to develop – the Hudson's Block (just north of Compuware); the Monroe Block (across Monroe Street from Compuware); and the Broadway/Library Block (east of Compuware).

• Quicken has one year after the parking assistance begins to decide which property it will develop as a headquarters; two years after that to begin construction; and two additional years to move in.

• Quicken has three years to present plans to develop the other two sites, however, the DDA may also accept proposals from other companies on those sites.

The incentives we are proposing reflect the changes in plans Quicken has made. The company's move to Detroit will result in a net increase in tax and other revenues to the city and have a positive impact in spin-off businesses. In today's economy, that's got to be considered good news.

George W. Jackson
Jackson is president and CEO of Detroit Economic Growth Corporation, a non-profit organization that works with businesses, government and other organizations throughout Detroit to encourage and manage economic development projects.