Adient cancels move to downtown

[hybridy]

https://www.freep.com/story/money/bu...ove/710554002/

thought the location was subpar myself...but not a good sign for downtown. The CBD game remains a solo one #DG

[SammyS]

That is bad news but I do agree with the remark about the building flipping quickly. I also suspect they may consider shacking up in Fords new dig. Just a hunch.

[iheartthed]

But the seating supplier, which last week announced that former GM executive Fritz Henderson was taking over as interim CEO, was having second thoughts over the costs of renovating the Marquette Building near Cobo Center.

If Fritz Henderson had his way, GM would've left Detroit during the financial crisis.

[professorscott]

https://www.freep.com/story/money/bu...ove/710554002/

thought the location was subpar myself...but not a good sign for downtown. The CBD game remains a solo one #DG

I consider this one of those "you win some, you lose some" deals. Not everything is going to happen that we thought would, and some other things will happen that we don't know anything about.

I worked for a long time for the great Detroit restaurateur Chuck Muer, and his long-time VP and what you'd now call CFO was the late, great Leo Beil of Grosse Pointe, and Leo would always react to these preliminary announcements by saying "it ain't a deal 'til it's a deal", and this whole business reminded me of him. If you're ever in Grand Rapids, his son Leo runs a great restaurant out there, somewhat reminiscent of Chuck's great eateries. Leo's: not overly imaginative for a name, but then again not too hard to remember.

[Lowell]

One step back. Makes me wonder if the downtown boom may have bumped up costs.

FYI previous discussion on the Marquette Building here: Marquette Building In Downtown Detroit Sells For $5.8M

[MikeyinBrooklyn]

The article clearly implies that the cancellation has to do with shaky corporate finances, and not relocating to Detroit. For what its worth, its much less painful to call off the wedding than it is to go through a divorce. I think that building will find a future pretty soon. These days, I am not too worried about our downtrodden buildings. And, although the Bedrock crew certainly are the leading players downtown, lots and lots of deals are happening that aren't theirs.

[archfan]

I hope this is because of a single company's finances, and not the start of general belt tightening in the auto industry. It has been a long run since 2008-2010.

[313WX]

I hope this is because of a single company's finances, and not the start of general belt tightening in the auto industry. It has been a long run since 2008-2010.

That's my thought as well.

Ford did make it clear that the MCS plans are not an additional investment, but already budgeted funds being shifted from their planned Dearborn expansion back in 2016.

[stasu1213]

Is Google still opening an office downtown or would they be next

[EGrant]

Is Google still opening an office downtown or would they be next

Yep, still planned for the offices in the LCA.

[Mind field]

Bad news. The cancellation could also have something to do with the new CEO not being a fan of the city.

[stinkytofu]

I think it's pretty clear this decision was based much more on Adient's major business issues rather than anything to do with Detroit itself.

https://seekingalpha.com/article/418...-plc-late-sell

https://www.fool.com/investing/2018/...ed-monday.aspx

[masterblaster]

https://www.freep.com/story/money/bu...ove/710554002/

thought the location was subpar myself...but not a good sign for downtown. The CBD game remains a solo one #DG

What's wrong with the location? 2 blocks from the river, across the street from the convention center, less than 10 minute walk to Campus Martius, 3 blocks from QLine terminus.

[stasu1213]

Why is Dan Gilbert the only one flirting with businesses to get them to come to Detroit? Why don't other local developers do such instead of just sitting on properties as they had done for the past 40 plus years. Also; who is doing the bidding and presentation for Detroit? We had done a poor job of getting the attention or interest if 3 major corporations,; Adient, Amazon, and the United States Army

[Danny]

That's it. I have pulled my stock out of Adient immediately. For putting their cussing finger at Gilberttown Detroit.

[GPCharles]

Walked by the building on my way in to work on Monday - 40+ workers all over the building.
Walked by the building on my way in to work today - no one in sight.
They really just pulled the plug on the renovation.

[Honky Tonk]

100 million to relocate to Detroit in today's shaky auto economy? I'd have to rethink that one too.

[stinkytofu]

Walked by the building on my way in to work on Monday - 40+ workers all over the building.
Walked by the building on my way in to work today - no one in sight.
They really just pulled the plug on the renovation.

Yep. I saw one guy on site yesterday probably just securing some stuff. They took down basically all Adient signage immediately.

[dtowncitylover]

Didn't the building suffer some sort of small fire in the past few months? That probably didn't help rehab costs...