According to Crain’s Detroit, there was an announcement of financing a 1.6 million square foot sports entertainment center by Metro Sports LLC. The problem is they don’t have a piece of land yet. According to Crain’s even though there is pretty of land out there and this is a buyers market, once a plan is financed there can be a lot of tugging in different directions as to where the project should be built. The development would include a 12,000-seat arena, three basketball courts, four hockey rinks, a running track, indoor lacrosse, physical rehabilitation center and two IMAX theaters.
Although it sounds like good intention, the whole thing sounds like a debacle to me. First, the developer is a first time developer, formerly CEO of what Crain’s called a “now-defunct” computer company. Second, the initial marketing information for the project was announced for a piece of land in Romulus, when asked the owner of the parcel said there is no such purchase agreement for the property. When the development was announced the invitations said Granholm and Wayne County Executive Ficano would be there, neither of them were. And all this for a $167 million development. I think Jordan will show them up with $500,000, but we’ll see.
http://crainsdetroit.com/assets/PDF/CD25004812.PDF
Categories: Biz Buzz · Bizz Buzz · Dan Izzo
As Michigan strides forward in its quest to become a leader in alternative energy, an old cat has come scratching at its door. According to the Detroit News, Marathon Petroleum has Detroit in its cross hairs for a $1 billion upgrade. According to the News, this advance would create approx. 135 jobs and allow Detroit to process Canadian crude oil.
This would bring over 1,000 construction jobs to the area and should be finished by 2010 if Marathon chooses to move forward. The improvements would bring an additional 15,000 barrels of oil into the facility and would increase Detroit’s oil supply. Marathon is in talks with the City of Detroit in order to get tax breaks and plans on making a decision within a year.
Bottom line this sounds like good news for Detroit. More jobs and more fuel. What more could a city ask for? As alternative energy grows, it’ll be useful to have skilled energy workers who may more easily be able to fill those jobs.
http://detnews.com/apps/pbcs.dll/article?AID=/20070810/BIZ/708100383&theme=Autos-Gas-prices
Categories: Biz Buzz · Bizz Buzz · Dan Izzo
According to Crain’s Detroit, Wal-Mart is planning to open 19 new stores throughout Metro Detroit. Sadly, no plans are in motion to put one within city limits. According to the article this move is going to mean a lot more competition for mid-west based Meijer, Kroger as well as smaller grocers in the area. The article states, this will not be the end of the local grocery stores, but it will definately take a small percent of their market share.
Back to the no Wal-Mart in Detroit issue, aka the important stuff. According to an adjacent article in Crain’s, Wal-Mart claims they are looking at the opportunity but they are in the early stages. Surprisingly, Wal-Mart is not completely heartless, they set up a Jobs and Opportunity
Zones Initiative. Sadly, they are somewhat heartless though, although they set up this program Detroit is no where to be seen in it, even though the city has expressed interest in the initiative. Cities like Chicago, and Cleveland are on this list, but no Detroit. According to the initiative the program is for cities with high unemployment and high crime…but no Detroit?
Categories: Biz Buzz · Bizz Buzz · Dan Izzo · Uncategorized
