preservationrestoration

Not really about 5/3 ... but could they take the same attitude towards Cincinnati and SW Ohio has Comerica has taken on Detroit? Comerica to move headquarters to Dallas WORKFORCE: For now, 200 to head south; 7,300 to stay in Michigan. INCENTIVES: Sunbelt is booming; Texas offers $4-million deal. SHOCK: There's anger, too, as leaders, others caught off guard. March 7, 2007 BY JOHN GALLAGHER FREE PRESS BUSINESS WRITER First Pfizer, now Comerica. For the second time this year, Michiganders bracing for automotive layoffs have instead been dealt an economic blow from an unexpected source. Comerica Inc.'s decision to move its headquarters to Dallas severs a 158-year hometown relationship with Detroit, and raises anew the scary question about Michigan's economy: What next? Just six weeks ago, pharmaceutical giant Pfizer Inc. stunned Michigan with its decision to close research facilities in Ann Arbor and Kalamazoo and lay off 2,400 Michigan workers. Now DaimlerChrysler is shopping around its Chrysler Group. And if last month's published speculation of potential buyout interest is true, Midland-based Dow Chemical Co. also may be in play. The decision, while amounting to the loss of only 200 jobs for now, strikes at the state's downtrodden morale. It caught Gov. Jennifer Granholm and Detroit Mayor Kwame Kilpatrick off guard, with Kilpatrick suggesting the city might find a new bank. Comerica said it is moving its headquarters to where its business is growing and to where it could attract "talented employees." Many metro Detroiters were stunned and offended. "What's happening to Michigan?" asked Maureen Michaels, 38, of Novi, who was having lunch downtown Tuesday, citing the Pfizer and recent automotive layoffs as part of a domino effect of bad news. "We need some big companies to invest in Michigan." Others were angry. Mike McDonald, who runs a Quiznos sandwich shop at 3999 Centerpoint Parkway in Pontiac, said he would give a free small sandwich to anyone who by Friday brings in proof of canceling a Comerica account and opening a one in a locally based bank or credit union. "I think that people in this area really need to take some action here. Hopefully others would follow," he said. Comerica Chairman and Chief Executive Officer Ralph W. Babb Jr. said that 200 high-level staffers would make the move to the new headquarters in Dallas, leaving 7,300 employees based in Michigan. The relocation is expected to occur by the end of the third quarter of 2007. For now, the Comerica Tower downtown will still house employees and bear that name. Babb promised no branches would close as a result of the move, and said customers should notice no change in day-to-day banking. The move will not affect the Comerica Park name on the Detroit Tigers' stadium. The bank's purchase of naming rights is good through the 2029 season. But the blow to Detroit's prestige is nonetheless severe. Comerica employees got the news in mass voice mails and e-mails Tuesday, or in meetings with supervisors. Banking business declines As bitter as it may be for Michigan to swallow, Comerica's departure was based on solid business logic. At the end of 2006, Michigan and the Midwest market still provided about half of all Comerica's outstanding loans. But growth in the Sunbelt loomed as more important. For all of 2006, Comerica reported that growth in new loans was up 15% in its western U.S. market centering on California and Arizona, up 19% in its Texas market, up 25% in its Florida market -- but up just 1% in its Midwest market. "From their point of view, it's all about growth," said Brian Pollice, leader of the banking practice for the Plante & Moran accounting firm in Auburn Hills. "I think Comerica made a decision that the outlook for the Michigan economy is under stress at the moment," said Richard Bove, financial strategist for Punk Ziegel & Co. in New York. "Other banks have argued that Detroit and southeast Michigan is perhaps the weakest in the nation and has a clouded outlook." The loss of Comerica's headquarters continues a years-long process of diminishing Michigan's importance in the banking world. With $58 billion in assets at the end of the year, Comerica ranked 24th among the biggest U.S. banks and savings institutions at mid-2006, according to the American Banker Web site. Michigan's next biggest bank or thrift was Troy-based Flagstar Bancorp, at No. 61. Moreover, since the 1990s, several once-important banking names in Michigan have disappeared, including NBD Corp., now part of New York-based JPMorgan Chase, and Standard Federal Bank, now part of Chicago-based LaSalle Bank, which is part of Netherlands-based ABN AMRO. Longtime Michigan banking consultant Justin Moran of Grosse Pointe said Tuesday that for many years, he thought Michigan was a state that would end up with major bank headquarters. "I was wrong," he said. "One by one, all of our big banks went away, and the principal economic decisions that have the most affect on Michigan are now made in New York and Cleveland and Charlotte, N.C., and even Cincinnati." Patrick Anderson, an East Lansing-based economist, said Comerica's move reflects Michigan's diminished economic clout. "This is the indirect effect of a bad business climate that discourages companies from expanding here." What makes the Comerica and Pfizer moves so debilitating is that these losses have come not from the older manufacturing sector, which has been in decline for years, but in the newer industries of finance and life sciences. Those sectors are where Michigan hopes to find the knowledge-based jobs of the future. Impact for Michigan, Texas In announcing the move, Babb tried to assure Detroit that Michigan remained a key market, and he named a longtime executive, Tom Ogden, to serve as president of Comerica's Michigan market. But those reassurances already are being greeted with skepticism in a state battered by bad economic news. "If they report 200 job losses, in a couple of years, it's going to be significantly more than that," Pollice predicted. There also were fears Comerica -- the fourth-largest giver to the local United Way campaign, behind General Motors Corp., Ford Motor Co. and Chrysler -- might over time lessen its philanthropic support here. The company denied that. Michael Brennan, chief executive officer of the United Way for Southeastern Michigan, said he received a phone call from Comerica on Tuesday assuring him that the bank's support -- $2.4 million in 2006 -- would continue. "They've been a stellar, A-plus supporter of the community, and I received clear indications that they intend to stay an A-plus supporter of the community and United Way," Brennan said. Granholm, who learned of Comerica's departure Monday night in a phone call from Babb, admitted the sting but held out hope for the future. "I wish it were not happening," she told reporters Tuesday. "But on the flip side of it, it's an opportunity to attract banks who want to headquarter here." The move angered Kilpatrick, who said the city would look for new opportunities with a different bank. Comerica has long served as the city's bank, conducting economic forecasting, providing financial advice and managing the city's cash. "In one respect, it's a blow," he said. "In another respect, it gives us the opportunity to be as competitive as they are trying to be." The State of Texas and the City of Dallas contributed economic incentives to help the bank relocate it headquarters. Texas Gov. Rick Perry said in a statement Tuesday that the state awarded Comerica a $3.5-million grant. In addition to creating the 200 jobs, Comerica is expected to generate $47 million in capital investments in the state, he said. "Relocating a major banking institution like Comerica, and creating new banking centers, spreads investment throughout the entire state," Perry said. The package also includes a grant and tax incentives valued at about $500,000, subject to Dallas City Council approval, said Karl Zavitkovsky, Dallas economic development director. Comerica is expected to lease office space in downtown Dallas and not build a new headquarters, he said. Perhaps more important, though, Babb said Dallas is more centrally located to its markets. He also said hiring key personnel will be easier in Dallas than in Detroit -- a statement that echoes years of complaints across a range of industries on the difficulty of getting people to move to, or remain in, the Detroit area. "The vibrant and diversified economies of Dallas, Houston and Austin will be particularly helpful to Comerica as we seek to continue attracting and retaining talented employees," Babb said. The Detroit Regional Chamber called the departure a shock to the local business system. "While we understand the business decision to move a corporate headquarters closer to key growth markets and customers, such a loss is never easy for a community," said Richard E. Blouse Jr., president and chief executive officer of the chamber. Contact JOHN GALLAGHER at 313-222-5173 or [email protected]. Staff writers Jewel Gopwani, Patricia Anstett, Marisol Bello, Katie Merx and Chris Christoff contributed to this report. For more info visit: http://comerica.mediaroom.com/index.php?s=press_releases&item=780

While I like "The Greene", I'd hardly call it mixed-use. I don't recall an office component to it. Nor is there a residential component aside from some crappy apartments located next door. Bridgewater is probably the right concept for the market it serves. Like I said, I like the Village part of the development, just not it's location in the middle of a parking lot. The overall layout is poor.

I don't hate it. Well that's not entirely true. I hate the big box nature of it, even though I like the Target design. The entrance is nice, but a little overwhelming. I like the village component, and the use of natural materials. Not the best I've seen. Not the worst. Thanks for the pictures.

I have lots of thoughts on this, but haven't had the time to put them all together. Upon hearing the news, I felt like the 10-year old boy that I was in 1985 learning that ARMCO was moving 22 high level executives to NJ wondering what would become of my town. BUT, the Journal-News had a photo of the new building, and I foudn a picture of the old building. I'd rather work out of the old classical building myself :)

Official press release. It's 300 jobs, not 650. Doesn't make the pain feel any better: Press Release Source: AK Steel Corporation AK Steel to Move Corporate Headquarters Tuesday February 20, 1:00 pm ET MIDDLETOWN, Ohio, Feb. 20 /PRNewswire-FirstCall/ -- AK Steel Corporation (NYSE: AKS - News) announced today that it will move its corporate headquarters into a new, technology-ready building totaling 136,000 square feet currently under construction at Centre Pointe in Union Centre, located in West Chester, Ohio, a northern Cincinnati community. The company will re-locate about 300 corporate office positions currently housed in Middletown to the new West Chester building in the third quarter of 2007. AK Steel will continue to have a significant presence in Middletown, including about 525 managerial and support personnel associated with the Middletown Works, a research and development center and other functions, along with the company's largest steel plant. "Our new corporate headquarters will provide AK Steel with state-of-the- art technology, including advanced computing and communications capabilities that are necessary to improve our competitiveness. It will also facilitate more convenient face-to-face interaction with customers, suppliers and other important constituents," said James L. Wainscott, chairman, president and CEO. "Additionally, the move will assist us in attracting and retaining top professionals, who desire proximity to the abundant amenities and services available in the West Chester and northern Cincinnati area." Mr. Wainscott praised Middletown, which has served as the company's headquarters since 1994. "The City of Middletown, its leaders and its citizens have been very supportive of AK Steel, and our move does not reflect negatively in any way on that relationship," he said. "To the contrary, AK Steel and the AK Steel Foundation will continue their longstanding involvement and support of the Middletown community, as we do in all of our plant locations." With respect to the existing buildings in Middletown, and especially the current corporate office at 703 Curtis Street, which was built in 1917, AK Steel said it was hopeful that they will be preserved and put to continued good use. The company said it intends to discuss the future of the buildings with city leaders and officials. AK Steel produces flat-rolled carbon, stainless and electrical steel products, as well as carbon and stainless tubular steel products, for automotive, appliance, construction and manufacturing markets.

YIKES!! Mayor Schiavone: AK headquarters headed to West Chester By Dave Greber Staff Writer Tuesday, February 20, 2007 AK Steel Corp. is expected to announce in the next 24 hours the company will move its headquarters to West Chester Twp. Representatives from the Association of Machinists and Aerospace Workers said they received a call this morning from the AK Steel general office about the move. Article summary. Article link unavailable.

But it's Crate & Barrel ;)

The mall was originally developed by The Jacobs Group out of Cleveland. So yeah, probably the same original owners.

Nightlife in Cincinnati is definately more conservative than other cities. But it does exist. Like enjoying a summer evening outside in Mt. Adams at Blind Lemon. Or listening to a great indie band at The Comet or The Southgate House. I'm not much of a club person and haven't been to many "clubs" in Cincinnati. But it does seem bars out number clubs.

^^ There's one at Kenwood in Cincinnati. Probably one of the nicest stores outside of an urban area.

There are times when Michigan Avenue from Dearborn to Ypsi feels like one Michigan bad shopping strip straight out of the 1950s and 1960s. While it may have 100,000 citizens, it doesn't feel that way when you are in Dearborn.

*Sigh* I guess this project was wishful thinking on my part. I understand that Roger's Jewelers is moving out of mall into the old Pearl Vision outlot building. So it keeps getting worse They need to do something before the department stores get frustrated and close down.

Wow great pics. Thanks for the tour.

The pictures are somewhat misleading because they are of two separate and very distinct business districts, although they are both along Michigan Avenue (U.S. 12). Both have separate development authorities managing the districts. Dearborn is geographically and culturally divided by a 4-lane road known as the Southfield Freeway (or M-39), which separates it into East Dearborn and West Dearborn. Although they are now a single politically entity, most residents when describing where they live are very quick to point out which section—especially those living West Dearborn. East Dearborn borders Detroit and has a large concentration of Arabic/Lebanese people. The first several pictures (Montgomery Wards, City Hall, and that beautiful art deco building) are part of the East Dearborn business district. It has suffered greatly the last 10 years, despite new townhomes/condos built in proximity. Interestingly enough, Montgomery Wards stayed open until the very end. The city owns the building and a variety of redevelopment proposals have been suggested, but most call for removing the building. More recently, the site has been suggested for a minor league baseball stadium. Personally, I don’t think that would be a good idea. The newest structure in the area shown in the photos is the Arab-American museum. You would think that the Middle Eastern population would support this business district, but they have their own along Warren Avenue. West Dearborn has seen an infusion of new development over the last decade, with the redevelopment of the “Superblock”, Jacobson’s department store and F&M Drug Store (currently under construction). The pictures really didn’t highlight any of these developments, with the exception of the Superblock redevelopment. There has been some condo/townhome/rowhouse development in the back of the commercial sections. Most of the commercial development has been restaurants and bars, which is good, but bad at the same time. Michigan Avenue in Dearborn has been dubbed the world’s largest food court. Many restaurants have come and gone. The latest arrivals include Panera Bread, BW3s, Au Pon Pain, Coldstone. Parking lots/garages are located behind the buildings, and many/most of the buildings have back entrances. There are a few that don’t have front entrances, so you don’t see a lot of foot traffic along Michigan Ave and there isn’t any on street parking The neighborhoods that border West Dearborn (within walking distance) are middle to upper class neighborhoods, so that helps with drawing tenants. Ink – most of the churches don’t look out of place (with the exception of the big Catholic one along Michigan Avenue). They are located in back of the retail bordering the residential neighborhoods. I work in Dearborn, so I spend a lot of time here. It is perhaps one of the most peculiar areas I’ve ever visited. I’ll take some shots when the weather is warmer and there isn’t any snow.

^^^ If there was so much equity built in the old one, they wouldn't be changing it. From my perspective from what I've read, they failed to make a solid case for the change. If there was a solid case for the change, it would be money well spent. 5/3 is still relatively new in my market and most people you talk to think 5/3 is stupid name. The "5" and the "3" represent the merger between Fifth National Bank and Third National Bank, I explain. But 3/5 just wouldn't sound or look right (less than 100%??) 5/3=167% You think they would have tried to capitalize on that in their tagline. First Financial Bank (Hamilton) just when through a rebranding process last year. It was the second in less than 5 years. Their look is completely modern.

I still think something will happen. 1.) Re-Development will move forward with or without the city's help 2.) CBL will sell the property. I can't imagine they'd sell it to someone who wouldn't put money into it. The place is empty.

I was surprised to learn that the mall has/had yearly sales of $46 million. I was like "where the f**k did they get that figure." I don't know anybody spending much money out there.

Those old inclines are very cool.

As someone who works in financial services marketing (and been through a logo/name/brand change), the green is definatley a bolder color. And the change in blue will finanlly end the "black/blue" debate. I agree with MayDay though, font choice for their name is boring. Personally, I hate their new tagline as well. I think its a big waste of money though.

Not as bad as I thought, but that's not saying a whole lot

From nky.com . . . Churches' second life: Homes BY AMY HOWELL | [email protected] Buyers seeking a unique home could be the saving grace for 24 churches for sale in Greater Cincinnati and Northern Kentucky. Photo Galleries: http://news.nky.com/apps/pbcs.dll/gallery?Avis=AB&Dato=20070201&Kategori=NEWS0103&Lopenr=702010805&Ref=PH

^^^ LOL know that feeling.

oh and as for my favorite. I'm inclined to like The Presbyterian Church.

It's amazing how many churches from the 1860s that Hamilton still has standing. It's great to see old beautiful churches. My comments in the Lorian High School thread hold the same for chuches. Todays structures are bland and boring.

Which school did you go to? OSU, with quarters started in mid-September, but ended in early June LSU, with semesters started in Late August, but will end in mid May Eastern Michigan. I know U of M and Wayne State are similar. When my brother went to OSU, they started mid Sept, and I think got out around June 20-23 timeframe.