Historic Detroit Building to be Transformed into Unique Entrepreneurial Hub for Tech-Based Start-up Companies
DETROIT, MI – January 27, 2011 – (RealEstateRama) — Madison Theatre Building LLC, a new partnership formed by Dan Gilbert, Founder and Chairman of Detroit-based Quicken Loans Inc., announced it has completed the purchase of the historic Madison Building, located at 1555 Broadway Street in downtown Detroit. The building was originally designed by architect C. Howard Crane and constructed in 1917 as part of the Madison Theater complex.
The building will be converted to an exciting, open, colorful space designed to encourage partnership among local entrepreneurs and their budding projects and companies. The building’s two street level tenants – Angelina Italian Bistro and Stub Hub – will remain open for business, while the upper floors are being renovated.
“Detroit 2.0 is well on its way,” said Gilbert. “The Madison building project is another step in the WEBward Avenue vision for a technology and web centered corridor of growth and activity up and down Woodward Avenue in the heart of downtown Detroit. This historic building will be molded into an exciting center where young entrepreneurial enterprises will collaborate, innovate and build the kind of 21st century businesses that the majority of our new economy in Detroit and Michigan will be based upon.”
The Madison Building project is the most recent milestone in a series of meaningful moves announced by the Quicken Loans family of companies since last year when the nation’s largest online home lender moved its headquarters and 1,700 of its team members to downtown Detroit and subsequently, announced that the following additional related companies would also be joining its flagship downtown:
• One Reverse Mortgage LLC, the nation’s third largest retail provider of reverse mortgage home loans;
• Quizzle LLC, a free online tool that helps consumers better manage their home, money and credit;
• Fathead LLC, the leading brand in sports and entertainment graphic products (move to be completed summer 2011);
• In-House Realty LLC, the preferred real estate partner of Quicken Loans Inc., its clients, and its partner companies (move to be completed summer 2011);
The new partnership will work with Gensler, a global architectural firm with offices in Detroit, and with Sachse Construction to design and build the dynamic and creative space, which the Quicken Loans family of companies has become known. The design phase is currently underway and construction will begin in the spring and is expected to be completed by fall of this year.
The Madison Building purchase announcement follows on the heels of news that two other landmark buildings – the David Whitney Building and the Broderick Tower – have received financing for restoration and renovation.
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About Quicken Loans Inc:
Quicken Loans Inc. is the nation’s largest online retail mortgage lender and among the five largest overall retail home lenders in the United States. The company closed a record $29 billion in retail home loan volume across all 50 states in 2010, and recently closed its 1 millionth loan. Quicken Loans employs approximately 3,700 team members and generates loan production from five web centers located in Michigan, Ohio and Arizona. The company also operates a centralized loan processing facility in Michigan as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked #1 in customer satisfaction among all home mortgage lenders in the United States by J.D. Power and Associates for 2010. “QuickenLoans.com” has been named “Best of the Web” by Forbes and Money magazines. The company also has been named to FORTUNE magazine’s list of the country’s “100 Best Companies To Work For” eight consecutive years, ranking as high as #2, and named in the Top-15 of Computerworld magazine’s “100 Best Places to Work In Technology” for six years in a row. Quicken Loans ranked #1 in the Detroit Free Press’ ‘Top Workplaces of 2010’ List. The company recently moved its headquarters and 1,700 of its 3,700 full-time team members to downtown Detroit. For more information about Quicken Loans, please visit www.quickenloans.com.
About Fathead LLC:
Fathead LLC is the leading brand in sports and entertainment graphic products. Fathead products give fans the opportunity to bring their favorite passion or inspiration to life. Fathead products include Fathead Customs, Fathead Tradeables, Fathead Skins, and Fathead’s flagship “Real Big:” the officially licensed life-size, hi-def wall graphics of professional athletes, animated heroes, entertainment characters, team helmets and logos. Fathead maintains license agreements with leading consumer brands across many industries and professional sports leagues. For more information, visit www.fathead.com.
About In-House Realty LLC:
In-House Realty LLC, based in Detroit, Michigan, is an affiliate to and the preferred real estate partner of Quicken Loans Inc., its clients, and its partner companies. Founded in November 2006, In-House Realty was created to provide home buyers and sellers with a more enhanced real estate experience. A nationwide organization, In-House Realty connects people across the United States with experienced real estate agents they can trust. A nationwide organization, In-House Realty has more than 8,000 agents in its exclusive network. The company’s unique business model ensures the highest quality customer service for the consumer, the agent and the mortgage provider.
About One Reverse Mortgage LLC:
One Reverse Mortgage LLC is the nation’s fourth largest retail provider of reverse mortgage home loans. The company’s specialized products, focus on allowing homeowners, 62 years and older, the opportunity to convert some of the equity in their homes into tax-free cash flow without having to make any monthly payments on the “cash out loan” proceeds until the homeowner either moves from the home, sells the home or becomes deceased, in which case the home is then sold and the principal and interest owed on the loan is repaid from the sale proceeds. One Reverse Mortgage was founded in 2001, operates in 43 states across the U.S and is a Quicken Loans company. For more visit: www.onereversemortgage.com
About Quizzle LLC:
Quizzle.com is a free personal finance tool that helps consumers better manage their home, money and credit. Located in Detroit, it began as a project inside of Quicken Loans and spun off into its own company in September 2009. At Quizzle, consumers can access helpful tools and information for free, including a credit report and score, home value estimate and neighborhood reports, home loan recommendations and a personal budget planner. In addition, Quizzle provides services to help consumers improve, manage and protect their finances, including a Credit Personal Trainer, credit monitoring, identity theft protection and a debt payoff plan. At Quizzle, consumers learn how the different areas of their finances affect one another and get tips and tools to help them make smart decisions. Quizzle ranked #1 in the Detroit Free Press’ ‘Top Workplaces of 2010’ List. For more information, visit www.quizzle.com