Fortune 500 company to move regional HQ to One Woodward building

**mkd** · October-27-14, 09:38 PM

Originally Posted by animatedmartian

I forgot about Chase, duh. PNC and BoA would probably be two other companies that would be great downtown.

PNC will not be coming downtown any time soon. The executive VP said that, although he'd like them to move, they have a very long-term lease in their Troy building. St Louis is the only other one where they're not in a region's core city-center.

**313WX** · October-27-14, 09:58 PM

Fifth Third Bank makes logical sense, given Gilbert's Cleveland connections....

As far as Flagstar, for some reason I associate them with baby boomers and silent generation suburbanites who are embittered about Detroit's downfall and want nothing to do with the city. So I'd be surprised if it's them.

**stinkytofu** · October-27-14, 10:03 PM

Originally Posted by 313WX

Fifth Third Bank makes logical sense, given Gilbert's Cleveland connections....

As far as Flagstar, for some reason I associate them with baby boomers and silent generation suburbanites who are embittered about Detroit's downfall and want nothing to do with the city. So I'd be surprised if it's them.

I'd be surprised if Flagstar moved regional HQ downtown, nonetheless they have invested in the city recently. They are opening a branch on Woodward in Midtown and I believe just opened one downtown as well.

**animatedmartian** · October-27-14, 10:03 PM

Originally Posted by mkd

PNC will not be coming downtown any time soon. The executive VP said that, although he'd like them to move, they have a very long-term lease in their Troy building. St Louis is the only other one where they're not in a region's core city-center.

Not too surprising. I was just looking at the numbers for Detroit's office market and it's still competitively cheaper for companies to be in the suburbs. Moving downtown still takes a bit of sweet talking, it seems. Any new office buildings would most likely have to be built by companies that are actively expanding their footprint rather than just moving from the suburbs to downtown.

**rex** · October-27-14, 10:07 PM

Originally Posted by jt1

How dare Detroit poach companies and jobs from Oakland County. They should get their own jobs and start working as a regional partner. What? Last 50 years you say? No, we ignore that when we bitch about poaching from the suburbs.

Seems like some unnecessary antagonism. Are people complaining that Detroit is poaching OC jobs? Whats your point and why are u mad? A lot of us live in the suburbs and most of us want the city to come back. Despite how you appear to feel it isnt about the city vs Oakland county. Oakland County stands to grow and prosper with a strong Detroit. Struggling Detroit is like an anchor that holds the entire region back.

**TTime** · October-28-14, 06:17 AM

Since they are headquartered in Cinci and have a decent sized office in Grand Rapids I'm assuming regional in this case refers to Eastern Michigan or possibly the state of Michigan but certainly not the entire Midwest region.

**dtowncitylover** · October-28-14, 08:32 AM

Ding, ding ding...

http://www.freep.com/story/money/rea...nant/18027763/

**DetroitPlanner** · October-28-14, 08:34 AM

Fifth Third likes big signs. They are going to ruin the lines of the building.

Zero sum gain. It is simply a matter of musical buildings. No added jobs to the region that I know of, yes there will be some additional spending downtown, but it will come at the expense of Southfield. Would rather see us concentrate on growing new industries instead.

**bailey** · October-28-14, 08:46 AM

Originally Posted by DetroitPlanner

Fifth Third likes big signs. They are going to ruin the lines of the building.

Zero sum gain. It is simply a matter of musical buildings. No added jobs to the region that I know of, yes there will be some additional spending downtown, but it will come at the expense of Southfield. Would rather see us concentrate on growing new industries instead.

I think calling this move "zero sum" is incorrect. This move is getting another couple of hundred professional workers downtown. They need to eat lunch, grab coffee, hit a happy hour after work, heaven forbid they might even get a haircut or support some retail... etc. "Zero sum" would be moving from one suburban office tower in Southfield to one in Troy.

**Packman41** · October-28-14, 08:49 AM

Originally Posted by dtowncitylover

Ding, ding ding...

http://www.freep.com/story/money/rea...nant/18027763/

What did I win??????
Told you in post #12

**DetroitPlanner** · October-28-14, 08:57 AM

Originally Posted by bailey

I think calling this move "zero sum" is incorrect. This move is getting another couple of hundred professional workers downtown. They need to eat lunch, grab coffee, hit a happy hour after work, heaven forbid they might even get a haircut or support some retail... etc. "Zero sum" would be moving from one suburban office tower in Southfield to one in Troy.

I mentioned the additional spending downtown, but there will be less spending in Southfield. Regionally it is a zero increase. Can't get too excited about that. When we add jobs to downtown from outside the Detroit region that means we all do better.

What is the difference between it moving from Southfield to Troy as opposed to from Southfield to Detroit? It is all in the same region/market/ecology.

**motz** · October-28-14, 08:59 AM

Originally Posted by bailey

I think calling this move "zero sum" is incorrect. This move is getting another couple of hundred professional workers downtown. They need to eat lunch, grab coffee, hit a happy hour after work, heaven forbid they might even get a haircut or support some retail... etc. "Zero sum" would be moving from one suburban office tower in Southfield to one in Troy.

Bingo, bailey aced it right there.

**SpartanDawg** · October-28-14, 09:06 AM

Originally Posted by motz

Bingo, bailey aced it right there.

on top of that here's what more jobs downtown does. Stops the unnecessary suburban sprawl that well all love to hate so much.

All of a sudden maybe a couple dozen of these employees maybe hate commuting with traffic everyday to downtown. They start to see the energy down here, they think "hey why not just move downtown"... this adds to the housing demand... more apartments/ condos get filled up and built... and before you know it we see all these vacant parcels downtown start to fill up.

Would you rather be out in the fringe suburbs driving on endless freeways to southfield? or living and working within a 5/10 minute walk/ commute, and having all the retail/entertainment you need within 5 square miles

**iheartthed** · October-28-14, 09:36 AM

Originally Posted by DetroitPlanner

I mentioned the additional spending downtown, but there will be less spending in Southfield. Regionally it is a zero increase. Can't get too excited about that. When we add jobs to downtown from outside the Detroit region that means we all do better.

What is the difference between it moving from Southfield to Troy as opposed to from Southfield to Detroit? It is all in the same region/market/ecology.

My hunch is that people who work in dense business districts support more ancillary businesses than those who work in suburban office parks. If that is true then that means this is not zero sum.

**313WX** · October-28-14, 09:38 AM

Originally Posted by DetroitPlanner

I mentioned the additional spending downtown, but there will be less spending in Southfield. Regionally it is a zero increase. Can't get too excited about that. When we add jobs to downtown from outside the Detroit region that means we all do better.

What is the difference between it moving from Southfield to Troy as opposed to from Southfield to Detroit? It is all in the same region/market/ecology.

Having a stronger urban core benefits the entire region.

Before we can attract outside investment, they must first see that we [[as in the major economic players) have some faith in the region's urban core ourselves.

**Eber Brock Ward** · October-28-14, 09:38 AM

Originally Posted by SpartanDawg

on top of that here's what more jobs downtown does. Stops the unnecessary suburban sprawl that well all love to hate so much.

All of a sudden maybe a couple dozen of these employees maybe hate commuting with traffic everyday to downtown. They start to see the energy down here, they think "hey why not just move downtown"... this adds to the housing demand... more apartments/ condos get filled up and built... and before you know it we see all these vacant parcels downtown start to fill up.

Would you rather be out in the fringe suburbs driving on endless freeways to southfield? or living and working within a 5/10 minute walk/ commute, and having all the retail/entertainment you need within 5 square miles

Exactly this. Right now, we waste untold amounts of money as a region with people traveling all across the metro for their commutes and for business meetings and things like that.

Simply put, that's waste. That's more time that people can spend on the job or recreating, but it's just "poof!" and gone.

The more we consolidate and stop [[and, perhaps someday, reverse) the sprawl, the better able to compete we are as a region. It's just one less inefficiency.

**SpartanDawg** · October-28-14, 09:39 AM

Looks like Fifth Third will be getting a sign at the top of the building as well. Much more visible having it downtown than in Southfield
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**Mind field** · October-28-14, 09:46 AM

I'd imagine with Bedrock being the landlord, they are proactive in making tenants aware of all the small businesses downtown and encouraging them to spend more and commit more to Detroit.

**DetroitPlanner** · October-28-14, 10:02 AM

Originally Posted by SpartanDawg

Looks like Fifth Third will be getting a sign at the top of the building as well. Much more visible having it downtown than in Southfield
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That is a lot better than what I had feared. The sign in Southfield is awful.

**SpartanDawg** · October-28-14, 10:18 AM

Originally Posted by DetroitPlanner

That is a lot better than what I had feared. The sign in Southfield is awful.

i agree. it's nice and simple and no crazy colors or anything. doesn't distract/take away from the buildings design. it'll actually be nice having another fortune 500 company sign light up the skyline i guess.

**Bham1982** · October-28-14, 10:36 AM

Originally Posted by bailey

I think calling this move "zero sum" is incorrect. This move is getting another couple of hundred professional workers downtown. They need to eat lunch, grab coffee, hit a happy hour after work, heaven forbid they might even get a haircut or support some retail... etc. "Zero sum" would be moving from one suburban office tower in Southfield to one in Troy.

Regionally, it's zero sum. There's no net economic difference for the region between moving from Southfield to Troy or moving from Southfield to Detroit.

**Scottathew** · October-28-14, 10:50 AM

Originally Posted by Bham1982

Regionally, it's zero sum. There's no net economic difference for the region between moving from Southfield to Troy or moving from Southfield to Detroit.

Although if being downtown allows for more opportunities to spend money, more opportunities to go to lunch, then it's not zero sum.

If moving people to a bustling downtown where things to buy are just a walk away, then it will generate more economic activity.

**rex** · October-28-14, 10:51 AM

I like the idea of reverse sprawl. Just west of downtown in Briggs and Core City there are nearly empty blocks and much room to grow. If ever there was a place to focus demolition and code enforcement its there.

**bailey** · October-28-14, 11:08 AM

Originally Posted by Bham1982

Regionally, it's zero sum. There's no net economic difference for the region between moving from Southfield to Troy or moving from Southfield to Detroit.

It's only zero sum regionally if you believe having a thriving downtown/center city anchoring the metro area is not going to result in economic benefit regionally. Moving from Southfield to Troy doesn't move that needle... moving downtown does.

**DetroitPlanner** · October-28-14, 11:35 AM

Originally Posted by 48307

Although if being downtown allows for more opportunities to spend money, more opportunities to go to lunch, then it's not zero sum.

If moving people to a bustling downtown where things to buy are just a walk away, then it will generate more economic activity.

Regionally the same dollar is spent be it in Detroit or Southfield. It is not any different. People from Detroit work in Southfield and spend money there. It still supports the local economy and provides additional jobs to local people. The only place I see a line drawn separating Detroit from the suburbs is on a map. Economically it is one system.

What we want to do is concentrate on additional jobs and making our economy more diverse as a region. We all are in the same pool be it the shallow end or the deep end. When someone $h!ts it we are all impacted.