Quicken Loans To Buy Madison Building

**Mind field** · November-09-10, 12:17 PM

Originally Posted by gdogslim

This story tells a mouthfull about Quicken Loans management.
I do love that they are investing in the D, but...
- Why are they buying a building now? Did they miscalculate the fact that they need about 80-100 sq ft per worker in an office.?
- Dan Gilbert is admitting that Detroit is not competitive with other cities in Michigan, with the 1.25-2% income tax, hence the income raise to lure worker bees to the hive.
- Is Quicken/Gilbert going to help the Livonia citizens out because of his decision to relocate?
- I applaud Gilbert's altruistic goals, but why would a company purchase real estate that is already available on the market for a company that has yet to appear on the scene wanting that real estate? Why not save the money and wait until a company needs the space then invest the funds to help them out.

- Another question I think everyone has is how many loans did Quicken Loans make in the City of Detroit in the last ten years, what type of loans were made, and how much profit did Quicken make off of the Detroit loans made.
Also what subsidies is Quicken/Gilbert receiving from the taxpayers to move to Detroit????????
Just a though that popped in my head

Blah blah blah

**EastsideAl** · November-09-10, 12:21 PM

The Madison Theater Building makes a lot more sense. That's very good news and will be great for the Grand Circus Park area. Although, sadly, Raptor is correct that nothing will happen with Broderick until Higgins extracts the ransom he believes he's due [[and look what he got for the much smaller stripped-out wreck that was once the Farwell Building). The situation with the beautiful Whitney Building is, alas, not much better from what I hear.

So who's this goofball at the News who placed the Madison Theater on Washington Blvd.? Also, the building that was pointed out on Washington Blvd. is, in fact, the Palmer Bldg., which long-time Detroiters will remember as Robinson Furniture for many decades. When and how did a building blocks away from Madison or the Madison Theater come to be somehow identified as "the Madison Building"? And does the News [[or that other paper, which is just as bad) ever hire anyone, even to do research, who actually knows anything about the City of Detroit?

**staticstate** · November-09-10, 12:39 PM

How long are they going to want to look at that eyesore next door? could be like those up at the Book Cadillac peering at the Lafayette every day.

**Gistok** · November-09-10, 12:51 PM

Very interesting that Quicken is interested in the Madison Building.... that adds to the chatter about the United Artists... See the last 8 posts on the UA Theatre thread. TheKage accidentally opened up an new thread, but Lowell merged it with the original... some interesting Quicken speculation about the UA...

http://www.detroityes.com/mb/showthr...?t=1733&page=9

... starting with post #415...

**tkelly1986** · November-09-10, 01:18 PM

If the Madison is a temporary place for Quicken employees while the UA/Tuller Block is being rennovated for the HQ, could the Madison be turned over to one of Gilbert's other companies at a later date? ePrize, Fathead ect....

**Mind field** · November-09-10, 01:26 PM

I hope ePrize moves downtown too. There was a recent article online about that company and it seems they are pretty happy in their space in Pleasant Ridge.

**Gistok** · November-09-10, 02:59 PM

Originally Posted by Mind field

I hope ePrize moves downtown too. There was a recent article online about that company and it seems they are pretty happy in their space in Pleasant Ridge.

When you're located between Ferndale and Royal Oak... the lunch time food choices must be.... wait a minute... the lunch time food choices downtown are even better...

... and as for gdogs chatter... when was the last time a company moved out of Detroit and helped the Detroit citizens out ??? [[sound of crickets...)

**TheKage** · November-09-10, 03:51 PM

If you're having trouble picturing the building, I took this one earlier today.
http://fromthekage.blogspot.com/2010...ng-to-buy.html

**DetroitPlanner** · November-09-10, 04:14 PM

Originally Posted by DetroitDad

I have strong reason to believe the next twenty years are going to be very different from the past fifty years. The City of Detroit is on a better path right now than majority [[but not all) of the nation's suburbs.

And that is exactly the reason why we need to change what we did. 50 years ago this level of taxation made sense. Today it is a detractor. Besides its all a red herring when you consider our major local newspaper don't know a hill of beans about how much a Citizen's taxes are, nor does anyone care to double check the facts.

Remember the tax paid by non-residents is only on money made in Detroit. If you lie in Detroit but work in Dearborn you still pay 2.5 percent. If you have any investment income and live in the City you pay income tax on that as well. If you had lets say $4,000 in investment income, where would you want to put 2.5 percent of that [[or $100), in your investment account or in the coffers of a City that made a deal to get casinos/revenue sharing then did not honor it?

**kraig** · November-09-10, 04:32 PM

It's funny how no one acknowledges the DEGC at times like this. Without them, this deal doesn't happen.

**clayc** · November-09-10, 04:58 PM

Since you're talking about Quicken Loans, well, I work there. In addition to doing billboards, I act. We just closed a million loans and we made a video about it. Filmed, of course, in the Compuware Building. I'm in it. The guy who counts the loans on the wall. Enjoy http://www.youtube.com/watch?v=53V27CDx8Nw

gdogslim · November-09-10, 05:27 PM

Why would Quicken have not moved if not for the DEGC? They don't have their own funds?

DetroitDad · November-09-10, 08:57 PM

Livonia, Quicken's former home, has already filled space left by Quicken, Fathead, and the Observer. Supposedly, Livonia is one of the top places for entrepreneurial activity and is better positioned to attract business from outside the region. Opening up space in Livonia is not a bad thing, for those reasons.

Furthermore, strengthening the core city in Metro Detroit will require investment by companies already here, in order to make it attractive again. Strengthening Detroit at the expense of other communities may eventually prove beneficial to the survival of the entire region. You know... a chain is only as strong as it's weakest links.

Originally Posted by bartock

Hopefully, new jobs will move into the city and region, and not just migrate from one part of it to the other.

**Johnnny5** · November-09-10, 09:11 PM

http://www.ripoffreport.com/Search/quicken-loans.aspx

Now that politics is out of the question, maybe Kwame and his buds can find a place at Quicken.

DetroitDad · November-09-10, 09:26 PM

Interesting side note, for the past few weeks I have seen men in suits going in and out of the other buildings on the Madison Theater Block, facing Woodward Avenue. I'm talking about the ones directly to the South of Bleu. It was relatively early in the morning, right before 9am.

DetroitDad · November-09-10, 09:32 PM

That number is actually really good Johnny5, but I put it in the title of this post, just to make sure everybody knows. People tend to get mad when they lose deposits, get fired, can't get approved, or get caught scamming a company, and that number itself has to be well over that, I would think.

Originally Posted by Johnnny5

http://www.ripoffreport.com/Search/quicken-loans.aspx

Now that politics is out of the question, maybe Kwame and his buds can find a place at Quicken.

**Gistok** · November-09-10, 09:39 PM

Originally Posted by Johnnny5

http://www.ripoffreport.com/Search/quicken-loans.aspx

Now that politics is out of the question, maybe Kwame and his buds can find a place at Quicken.

Ummmmmmmmm....

Right you are DetroitDad...

Johnny5, you're going to have to do better than that...

According to that website the Rip-off complaints tally is... [[random companies)...

Quicken - 254
Sears -1141
Ford - 1751
Chase - 1770
Bank of America - 2010

Now what were you saying about the Kwamster??

**Pcm** · November-09-10, 10:31 PM

Originally Posted by clayc

Since you're talking about Quicken Loans, well, I work there. In addition to doing billboards, I act. We just closed a million loans and we made a video about it. Filmed, of course, in the Compuware Building. I'm in it. The guy who counts the loans on the wall. Enjoy http://www.youtube.com/watch?v=53V27CDx8Nw

clayc, did Mindfield shoot this, or does Quicken have an in-house video department?

**Rocko** · November-09-10, 11:02 PM

Wow, the News really boggled it up if it's actually the Madison office building adjacent to the old theatre site. What happened? Did they just send someone out in a news truck and the first place they saw Madison was the place they wrote about? Whichever Madison building it actually is, it should be good for that under-utilized corner of downtown. They could use the foot traffic and local businesses the patronage on either Broadway or Washington Blvd. Hopefully it may lead to more trips by employees on the DPM and more usage of Grand Circus Park in season. Glad to see Quicken using a historic building, hopefully this leads the way for them to consider a historic building for their ultimate downtown headquarters!

**Johnnny5** · November-09-10, 11:02 PM

Originally Posted by Gistok

Ummmmmmmmm....

Right you are DetroitDad...

Johnny5, you're going to have to do better than that...

According to that website the Rip-off complaints tally is... [[random companies)...

Quicken - 254
Sears -1141
Ford - 1751
Chase - 1770
Bank of America - 2010

Now what were you saying about the Kwamster??

A bit like comparing a grape to a watermelon isn't it?

Ford sells upwards of 3 million cars per year! Quicken closed loan number 1 million just this year. Also the companies you mentioned deal with the same customers on a regular basis year, after year, after year. That leaves many chances for something to go wrong. How many times does the average consumer seek a mortgage or refinance?

I'm not suggesting Quicken is, or has been breaking any laws [[Like King Kwame), only that they have a questionable reputation. If you go to Rippoffreport.com and search only Michigan it's rather obvious that Quicken receives more complaints than most any Michigan based company [[Ford, G.M and Chrysler included ).

*** For the record I've never had any dealings whatsoever with Quicken or any of their subsidiary companies. I happen to dislike slimy car salesman just as much as I dislike slimy loan sales people

.

**stasu1213** · November-11-10, 02:09 PM

I think that the location is terrible. Only one or two restaurant within a block from the building. Employees would have to walk a couple of blocks just go get to campus martius and to the heart of everything. The building that housed Keller Thomas would had been better. Maybe some stores will open at the ground level of the parking structure on broadway within the next four years. I don't know.

**esp1986** · November-11-10, 02:49 PM

Originally Posted by stasu1213

I think that the location is terrible. Only one or two restaurant within a block from the building. Employees would have to walk a couple of blocks just go get to campus martius and to the heart of everything. The building that housed Keller Thomas would had been better. Maybe some stores will open at the ground level of the parking structure on broadway within the next four years. I don't know.

The best news here is that it it would likely take a few months for them to design, build out and arrange to get all of their people down there. Following an announcement, I imagine a couple restaurants will pop up pretty quick. Most of the retail space on Woodward near the Park is being cleaned up, if not renovated by the owners, and many even have signs up in the window for restaurant and bar leasing. So they are certainly preparing for development, all it takes is an investment like Quicken for it to actually happen.

**detroitbob** · November-11-10, 03:31 PM

Originally Posted by Rocko

Wow, the News really boggled it up if it's actually the Madison office building adjacent to the old theatre site. What happened? Did they just send someone out in a news truck and the first place they saw Madison was the place they wrote about?

Many reporters at the Freep and News, plus the newbies on all of the TV station newscasts in addition to other staffers at the stations have no long term tenure or knowledge of the city...not surprising they confuse buildings, neighborhoods, east side vs west side, etc.

**Gistok** · November-11-10, 03:35 PM

Spot on esp1986... and the Detroit Opera House next door could even open their Cafe during lunch hour if there's enough Quciken demand.

This is actually a great move by Quicken for bringing some traffic back to Grand Circus Park... and if Quicken decides on the UA as the headquarters... so much the better. It would be nice to tie the restaurant/bar traffic of lower Woodward to that of Foxtown and Park Ave.... and what better way than to bring life back to the area that links these areas... Grand Circus Park!

**Mind field** · November-11-10, 05:22 PM

Originally Posted by stasu1213

I think that the location is terrible. Only one or two restaurant within a block from the building. Employees would have to walk a couple of blocks just go get to campus martius and to the heart of everything. The building that housed Keller Thomas would had been better. Maybe some stores will open at the ground level of the parking structure on broadway within the next four years. I don't know.

Heaven forbid anyone have to walk anywhere in a city! Those poor people in New York City, always walking everywhere. And there are 3 restaurants right on that same block, a few more within a two minute walk, and the newer YMCA is just on the next block. Opera House right across the street. I'd hardly call the location "terrible"