Text Size

Quicken Loans To Move To Detroit

POSTED: Monday, November 12, 2007

UPDATED: 2:40 pm EST November 13, 2007

DETROIT -- Detroit has been trying all year to sweet-talk Livonia-based Quicken Loans Inc. to move its headquarters from the suburbs to the city.

The online financial services firm has finally decided to give into the temptation and announced they will move their corporate offices and 4,000 jobs to Detroit, a move the mortgage company hopes will help revive downtown by attracting housing, stores and other businesses.

The company, however, is not saying where, among a number of possible sites it has chosen to locate. They have 18 months to two years more to develop a construction plan.

Among the possible sites: near the old Hudson's department store and an area between Washington Boulevard and Bagley Street at Grand Circus Park, a city-owned site where the former Statler Hilton Hotel once stood.

Quicken currently is headquartered in suburban Livonia. Quicken's current lease in Livonia ends in 2009.

Detroit Mayor Kwame Kilpatrick made the announcement on the Quicken move Tuesday at noon.

Gov. Jennifer Granholm and Quicken Loans owner Dan Gilbert were there as well. Granholm called the deal a "fantastic" one for Detroit. "Having it go to Detroit will have a phenomenal ripple effect," she said. "It's not just symbolic. It's a real boost to the city and certainly to the state."

Quicken's move to the city from suburban Livonia comes on the heels of other recent high-profile Detroit development over the past decade, including the opening of three casinos, baseball's Comerica Park, football's Ford Field, and the world headquarters of software company Compuware Corp.

"This isn't just about us saying, `Let's just go to Detroit because it's right thing to do.' We do think it is the right thing to do, but we also think it's the smart thing to do," said Gilbert.

Quicken Loans is paperless; every transaction is processed electronically in an office where a vast computer network handles 175,000 phone calls and 2.4 million internal e-mails each day.

Forbes magazine says Gilbert is worth about $1.2 billion. He turned a $5,000 investment in the mid-1980s into an online mortgage empire and bought the Cleveland Cavaliers for $375 million in early 2005. Quicken Loans includes Michigan mortgage company Rock Financial.

Links We Like

Most Popular

StoriesClick to Expand
- Police: Woman Drowns In Port Huron
  An autopsy may help answer what happened to a Port Huron woman who drowned in Lake Huron, according to police.
- Body Found After Fire Extiguished
  A man's body is found Sunday after a fire is extiguished Sunday in Detroit.
- Barren: Firing 'Came Out Of Nowhere'
  Detroit's police chief says he wasn't prepared for the announcement of his firing by the mayor.
- Catch May Have Led Boat To Capsize
  One of four fishermen rescued after they were found holding on to their 19-foot boat in western Lake Erie says a heavy catch of walleye may have led their craft to capsize.
- Green Oak Township Body Identified
  Investigators use dental records to confirm that a body is that of a man who went missing more than four years ago.
VideoClick to Expand
- Assistant Police Chief Says He's Leaving, Too
  Assistant Chief Ronald Fleming says he will also be leaving the Detroit Police Department after Police Chief James Barren is fired.
- Driver Goes Wrong Way Down I-94
  A Diabetic driver goes the wrong way down a stretch of Interstate 94 and causes a multi-car crash.
- Today Show: Photos Of Michael Jackson's Kids
  Local 4's Guy Gordon reports on NBC's Today Show's exclusive photos of Michael Jackson's children.
- Firefighters Put Out Fire, Find Body
  A man's body is found Sunday after a fire is extiguished Sunday in Detroit.
- Police Release Surveillance Video Of Teen Shooting
  Surveillance video from a shooting in Detroit was released to Local 4 News.
SlideshowsClick to Expand
- Hot Shots: My Fourth Of July Holiday
- Hot Shots: 2009 Fireworks
- Readers Show Their Tattoos, Part III
  Ink is in as readers send in their tattoo images.

Marketplace

JobsClick to Expand
- Interview Take-Along Checklist
  You’re interviewing for a job tomorrow, and you think you’re prepared. We’ve created this handy checklist so you won’t forget a thing.
- Select The Right Career Path
  Whether you're a college student preparing for graduation or an established professional unsure about a midlife change, deciding upon a career can be difficult.
- Avoid These 7 Cover Letter Mistakes
  While some employers don't bother reading cover letters, most do. And they will quickly eliminate you if you make these mistakes.
- Job Termination & Your Resume
  No matter how you left, you need to present the best accomplishments you made at the job to prospective employers.
WomenClick to Expand
- Healthy Living In Your 40s
  Your guide to looking and feeling your best.
- Manage Stress, Find Balance
  The idea of living a balanced life may seem like an oxymoron. Yet working toward balance and self-care is key to feeling in control and more joyful at home and work.
- Weight & Exercise: The Right Mix
  Being healthy is related to how well you take care of yourself. But it’s never too late! A woman can learn new, healthy habits at any age.
InsuranceClick to Expand
- Auto Insurance Quotes
  Simply enter your zip code and get great deals on your car insurance from the top companies. Click here and start saving today!
- Health Insurance Quotes
  No matter where you live, you shouldn’t have to pay too much for health insurance. Your zip code is all you need and we’ll do the rest to find you great insurance rates.
- Home Insurance Quotes
  Your home is your most valuable asset. So make sure you have coverage that fits your needs and doesn’t break the bank.
- Life Insurance Quotes
  What would happen to your family if you were suddenly gone? Don’t leave their future to chance and find top quality life insurance before it’s too late.
- Business Insurance Quotes
  Don’t take chances when it comes to insuring your business. To get the best rates from top companies in your area just enter your zip code.
BudgetingClick to Expand
- Scam Busters: Midas Sued For Bait-And-Switch
  Some Midas Shops Allegedly charged Customers For Unnecessary Repairs.
- 5 Ways To Look Your Best For Less
  Despite The Recession, You Don't Have To Spend A Lot To Look Your Best.
- Recent Grad? Keep That Student Bank Account
  If You're A Recent Graduate, Holding Onto That Student Bank Account Might Offer Up Some Sweet Incentives.
- Password-Free Phones Pose ID Theft Threat
  A Survey Says More Than A Third Of IT Workers Don't Use Passwords To Protect Information On Their Phones.
Your LifeClick to Expand
- Shaq Loses $2.8M On Miami Mansion
  NBA Star Shaquille O'Neal Sold His Waterfront Home In Miami Last Week For $2.8 Million Less Than He Paid For It.
- Hot Vacations: Road Tripping, Couch Surfing
  Vacationers Are Opting For Road Trips, Staying With Friends And Family Or Remaining Closer To Home.
- 8 Ways To Trim Vacation Travel Costs
  Traveling For Summer Vacation Doesn't Have To Be A Budget Breaker If You Employ Some Simple Strategies That Cut Costs, Not Convenience (Or Fun).
- Baseball Luxury Boxes: A Buyer's Market
  The Recession Has Forced Major League Baseball Teams To Boost The Perks And Cut The Prices For VIP Fans.