Australian Software Company Buys Pontiac's Phoenix Center - Moving HQ There. But wait

[Lowell]

Pontiac's Phoenix Center was, like the Renaissance Center for Detroit, envisioned as massive project to trigger rejuvenation of downtown Pontiac. Like the Renaissance Center it was a massive failure. RenCen was eventually bought for a song by GM and is becoming the major downtown player as originally hoped for.

Not so for Phoenix center that has languished and become another crumbling liability tied up in litigation. "BoonEx has told the city it would relocate its North American headquarters from Atlanta to two office towers connected to the Phoenix Center." Pontiac City Council has approved the sale.

Sounds great, right? So help me out. Why doesn't this smell right? I can find little about this company and searches for corporate profiles yield scattered information. Some say it has less than 50 employees. It doesn't even show up in a search of the Georgia Department of Economic Development or Metro Atlanta Chamber sites. And they are relocating to TWO towers?

Is this a redux of the Silverdome deal?

In a deal that is to close Feb. 13, the city would sell the parking deck for $3 million but gain no money because of liens outstanding on the structure, which the city has failed for decades to maintain, attorneys at the meeting told city officials, the Free Press reported.

Mayor Deirdre Waterman said the deal is a "win-win for the people of Pontiac" because it releases them from lawsuits with the owners of Ottawa Towers, which could've ultimately cost the city more than $20 million, the Free Press said...

The city has been tied up for several years in lawsuits with the owners of Ottawa Towers — Michigan-based Ottawa Tower II LLC and North Bay Drywall Inc. Profit Sharing Plan and Trust. The lawsuits center on the city's bid to demolish the Phoenix Center.

The deal would offer several benefits for a city trying to emerge from troubled times, Waterman said. BoonEx would pay the city $3 million for the structure, Waterman said, putting an end to the city's ongoing litigation. Pontiac would also save $2 million in demolition costs, she said. Finally, BoonEx would help breath new life into the city and help establish it as an up-and-coming tech hub, Waterman said.
http://www.crainsdetroit.com/article...ftware-company