Detroit businessman Gilbert, Quicken Loans moving into Downtown Windsor
50 Quicken Employees moving into former Loop Nightclub/Fish Market Building
https://windsorstar.com/news/local-n...e-into-windsor
A beloved, but crumbling downtown watering hole for the university-aged crowd prior to a recent multi-million dollar makeover will soon be occupied by some of the brightest minds within the extensive financial empire of Detroit billionaire Dan Gilbert.
Employees under Quicken Loans — the mortgage-based business that boosted the Michigan businessman into one of the world’s richest entrepreneurs — will set up inside the former Fish Market and Loop building.
It is the first step into Windsor for Gilbert who of late has touted this city’s advantages after leading a high-profile joint two-city bid to woo Amazon to open a new headquarters here.
There are expected to be up to 50 employees — predominantly software and engineer gurus — who will initially occupy 9,000 sq. ft. inside the two-storey building located at the intersection of Chatham and Ferry streets.
This shows you can take advantage of having talent in both Canada and the U.S. and get the best of both worlds.
Quicken Loans indicated it may eventually grow the space in Windsor to include around 100 employees.
The move into Windsor by Gilbert and his mortgage company is designed to better attract top talent from Windsor, Toronto and tech centres in Waterloo in support of the mortgage company’s growing technology team, the company said.
“We learned a lot more about Ontario’s deep technology talent pool over the past couple of years as we explored pitching the international border of Windsor/Detroit to various companies,” said Jay Farner, CEO of Quicken Loans.
“As Quicken Loans continues to grow and set the standard for innovation, we remain focused on recruiting additional technology talent to our brainforce. With our headquarters located in downtown Detroit, we have a tremendous opportunity to tap into the rich technology pipeline both stateside and in Canada.”
While Quicken Loans will have employees in Windsor, there are no plans to open a mortgage business on this side of the border. The office space and employees located in Windsor are solely to support the company’s existing operations and avoid crossing the border each day.
https://postmediawindsorstar2.files....y=55&strip=all Christian Stephens of Allied Fire Protection installs new fire sprinklers on the second floor of the Old Fish Market in downtown Windsor on Oct. 10, 2018. It is undergoing extensive renovation and the owners will be announcing a major tenant for the building. Dan Janisse / Windsor Star
Gilbert said this summer he learned a lot about the advantages of Windsor through the two-city bid to attract Amazon.
He expressed concern at the time that many highly qualified tech specialists with international backgrounds may have difficulty entering the U.S. given tighter border restrictions and that was a primary advantage to being located in Windsor.
It is anticipated Quicken Loans will open in Windsor next March 1 following completion of building renovations and conversion into office space.
The former Fish Market and Loop building — which first opened in 1912 as an auto showroom and garage — has undergone extensive renovation since purchased jointly for $1.6 million nearly a year ago by local developers Dino and Anthony Maggio, under their Mid South Land Developments Company, and owners of the Cypher Systems Group.
Early plans by the new owners tentatively called for a mix of high-end lofts on the second floor, a number of apartments on the first and second floor targeted for downtown university and college students, with commercial or office space on the main floor and a possible food establishment in the basement where the popular pub known as the Coach and Horses was located.
https://postmediawindsorstar2.files....y=55&strip=all The interior of the Old Fish Market in downtown Windsor is seen on Oct. 10, 2018. It is undergoing extensive renovation and the owners have announced Quicken Loans will occupy the building. Dan Janisse / Windsor Star
But the investment group’s primary focus initially was to restore the shuttered building to its original appearance.
The former blue and white facade was sandblasted away, windows fully replaced, while the inside completely stripped and redone to create a wide-open urban-style interior with exposed brick.
Gilbert’s real estate arm Bedrock launched a search in recent months with the assistance of local real estate brokers Mark and Russel Lalovich of Remax Preferred Realty for a suitable property in Windsor which eventually led them to the former Fish Market property.
The company will initially occupy the main floor of structure with a six-month option to lease the entire building.
Cypher Systems co-owner Brian Schwab said talks with Quicken Loans began about four months ago, culminating with Monday’s announcement.
The group admittedly took a “speculative” gamble to buy the former Fish Market building “that was a wreck and abandoned for years,” but couldn’t have hoped for a better ending than to secure a tenant like Gilbert’s Quicken Loans company, he said.
“This is our hometown,” said Schwab of the building’s ownership group. “We chose to live here, raise our families here and build our companies here. So, we are very excited to help in the revitalization of downtown.
“Nobody wanted to touch this building. But Dino and Anthony [[Maggio) have an ability to see what it could be. We initially thought maybe there might four or five tenants here. We had hopes for a company of this stature — and they may eventually take the whole building — so that’s a nice surprise.”
The same ownership group also recently purchased two more buildings across the street — the former Chatham Street Grill building and City Beer Market building. Renovations on both have been underway for a couple of months with an expectation they will be available for presentation to potential interests within about 30 days.
“If we had not come in and started this process, it would be difficult to bring in someone of [[Gilbert’s) calibre,” said Dino Maggio.
“We knew the only way was put in new windows, new roof, new HVAC and give [[the buildings) a great presence. Then it becomes something we can bring to the market.”
The city and Mayor Drew Dilkens were in on discussions, but the only assistance being provided to Quicken Loans is access and reservation of 75 parking spaces either inside the Goyeau Street or Pelissier Street parking garages, the mayor said.
The regular price for the spots of $90.40 per month will be charged.
https://postmediawindsorstar2.files....y=55&strip=all Christian Stephens of Allied Fire Protection is seen on the second floor of the Old Fish Market in downtown Windsor on Oct. 10, 2018. It is undergoing extensive renovation and the owners have announced Quicken Loans will occupy the building. Dan Janisse / Windsor Star
Dilkens pointed to the success of council’s decision to launch the downtown community improvement plan as a catalyst for attracting Gilbert to the city.
“The downtown CIP led [[the Maggios and Cypher Systems group) to buy the building, make an investment in its transformation without a tenant,” he said. “This shows their vision was right. They took advantage of our CIP, did the renovations and it led to this.”
The mayor noted how a major part of the Amazon bid was to have employees on both sides of the border so there were no immigration worries.
