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City of Detroit and the State of Michigan

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City of Detroit and the State of Michigan TheEconomic & Fiscal Impacts of Rock Ventures and the Family of Companies on the City of Detroit and the State of Michigan By Christopher B. Leinberger & Michael Rodriguez CENTER FOR REAL ESTATE & URBAN ANALYSIS THE GEORGE WASHINGTON UNIVERSITY SCHOOL OF BUSINESS 1 The Economic & Fiscal Impacts of Rock Ventures and the Family of Companies on the City of Detroit and the State of Michigan © The George Washington University School of Business 2017 Table of Contents I. INTRODUCTION . 4 II. EXECUTIVE SUMMARY . 5 III. OVERVIEW . 7 IV. METHODOLOGY . 10 V. CITIES & REGIONAL ECONOMIES . 15 Agglomeration Theory . 17 Evidence of Agglomeration in Detroit . 18 VI HISTORIC INVESTMENTS, 2011-2016: ECONOMIC & FISCAL IMPACTS . 24 Overview . 25 Economic Impacts . 27 Fiscal Impacts . 30 Summary . 32 VII. FUTURE INVESTMENTS, 2017-2022 & BEYOND: ECONOMIC & FISCAL IMPACTS . 32 Overview . 34 Economic Impacts . 36 Fiscal Impacts . 39 Summary . 40 VIII. CONCLUSIONS . 41 IX. APPENDICES . 43 Endnotes . 44 Acknowledgments . 47 The Center for Real Estate and Urban Analysis 3 The revitalization of Downtown Detroit Executive Summary is an urban comeback story now known around Most of the largest metropolitan areas in the country are experiencing a shift toward the world. Left for dead 20 years ago, continual, higher density, walkable urban development patterns, layering on top of the late-20th incremental efforts starting in the mid-1990s century lower density, drivable sub-urban approach. have resulted in steady progress toward the city’s This analysis focuses on the economic and fiscal The study team’s ongoing case-study research CITIES & REGIONAL ECONOMIES: impacts of walkable urbanism in redeveloping supports the assertion that locating knowledge- About This study found evidence to suggest that remarkable turnaround. Downtown Detroit on the State of Michigan and based businesses in walkable urban environ- RVFOC’s move to Downtown Detroit had a sub- ROCK VENTURES AND the City of Detroit . These economic and fiscal ments is a crucial factor in the continued growth stantial impact on the local and state economy . impacts include “agglomeration effects,” which of these companies . This study seeks to answer THE FAMILY OF COMPANIES The importance of this structural shift in the is the growth due to (1) business and market ef- three main questions: Detroit, the noun, means many things: a metro- places, which reduced the growth and expan- regional economy continues in the future . politan area, a city on the Great Lakes, the home sion of its knowledge economy businesses . ficiencies and (2) the opportunities experienced Detroit-based Rock Ventures serves and of the Big Three car manufacturers, Motown by companies when they co-locate in higher connects Quicken Loans Founder and Cleve- and cutting edge music, and sports teams . It During the current economic recovery, which density, walkable urban places . land Cavaliers Majority Owner Dan Gilbert’s is also synonymous with the major city that began in 2010, metropolitan Detroit has added portfolio of more than 100 companies. The Downtown Detroit is in the midst of one of the Between 2011 to 2016, Rock Ventures and the Family of Companies suffered the worst urban decline in the country walkable urban development faster than any of Family of Companies includes Quicken best-known, yet unexpected, American urban during the late 20th century . The once-tar- the country’s 30 largest metropolitan areas, ac- invested $8 billion into the Detroit and Michigan economies, Loans, the nation’s second largest retail turnarounds of the early 21st century . The nished Detroit brand affected the ability of cording to a recent George Washington Univer- home mortgage lender; real estate firm Bed- changes the city is experiencing are directly individuals, companies, and municipalities to sity School of Business (GWSB) research report .3 yielding $17.8 billion in annual economic output, $1.6 billion in rock; gaming company JACK Entertainment; related to a major knowledge-based company raise capital for new investment . Much of this walkable urban growth has been 2016 NBA Champion Cleveland Cavaliers; co-locating in a dense, walkable urban environ- catalyzed by remarkable development in Down- annual state and local taxes, and sustaining over 23,000 jobs yearly. and private equity firm Rockbridge Growth ment with other companies . In doing so, these Since 2010, there is tangible catalytic change town Detroit . This development is the result of Equity. The Rock Ventures Family of Compa- knowledge-sector companies have been better taking place in Downtown Detroit that is trans- Rock Ventures Family of Companies’ (RVFOC) nies’ mission is to increase growth, innova- able to share ideas, compete for employees, forming the city and its brand . These changes move to, and investment in, the city starting in tion, and prosperity in the cities in which its attract more educated employees, and grow in 1. To what extent has RVFOC catalyzed new HISTORIC INVESTMENTS: include the revival of the Big Three, the city’s late 2010, layered on top of already pioneering more than 30,000 team members live, work, ways they could not have without being located growth—both within RVFOC, the City of emergence from bankruptcy, and even the investments made by Olympia Development, Between 2011 and 2016, RVFOC invested $8 .0 and play. Key Family of Companies initiatives in this walkable urban environment . In other Detroit, and the rest of the state—due to superior performance of its sports teams . General Motors, the Ford family, civic leaders billion into the Michigan economy: $922 million include community investments, philanthro- words, the changes to the economy would not the co-location of employment in a dense, galvanized into the Downtown Detroit Partner- in major capital and real estate improvements py, and economic development. have been possible in drivable sub-urban urban environment? Downtown Detroit’s rebirth is more than just ship, and major foundations, among others . (beyond acquisition price, which was not count- business parks that work for many businesses reputation and brand building for the region . 2. What are the economic and fiscal impacts ed since it replaced existing investment), and Dan Gilbert moved Quicken Loans and its but are less than optimal for knowledge econo- It has also laid the groundwork for new eco- This report demonstrates the economic and of the RVFOC $8.0 billion investments that $7 .0 billion in employee wages, infrastructure, 2,400 team members from the suburbs to my companies . nomic opportunities . The economy is now fiscal impacts of RVFOC’s activities on Down- have already occurred in Michigan and the local spending, and other investments . During Downtown Detroit in late 2010. This was being driven by the “knowledge” economy, a town Detroit, the City of Detroit, and the State City of Detroit? this period, this investment generated more the first step of many taken to help lead the The George Washington University, in conjunc- layering on top of the industrial economy . Our of Michigan . It will also demonstrate that Rock than $17 .8 billion in statewide economic output transformation of a great American city and tion with peer-review professors at Wayne State, 3. What are the projected economic and fiscal research in Michigan1 and in large metropolitan Ventures’ decision to locate in Downtown and $1 .6 billion in state and local taxes, and also invest in an urban environment in order to Michigan State University, and The University impacts of RVFOC’s planned $3.9 billion areas throughout the country2 demonstrates Detroit—a walkable urban place versus its for- sustained over 23,000 annual jobs . The annual- attract top talent. The Family of Companies of Michigan, conducted an economic and fiscal investments (2017-2022) on the State of that the knowledge economy locates in walk- mer drivable sub-urban location—was essential ized output effect is equivalent to 1 .5 percent of has now grown in six years to more than 100 impact study of Rock Ventures and the Family of Michigan and the City of Detroit? able urban places, both in center cities and in to the success of its corporate investments, Wayne County’s annual output, or 0 .3 percent of companies and over 17,000 team members Companies (RVFOC) on the State of Michigan urbanizing suburbs . In the past, metropolitan the city’s turnaround, and its greater impact on statewide Michigan annual output . in Detroit. and the City of Detroit . Detroit lagged in developing walkable urban the region . 4 The Economic & Fiscal Impacts of Rock Ventures and the Family of Companies on the City of Detroit and the State of Michigan © The George Washington University School of Business 2017 5 Executive Summary The study team found evidence of agglomera- economy . This will total $3 .9 billion over the six The desire of the RVFOC employees to work tion effects in an annual wage increase of more years from 2017 to 2022: $3 .6 billion in major in—and many times live in—a walkable urban than $1,900 for the average Detroit private capital and real estate improvements, and $330 place is the major motivating reason for locat- sector employee . The total agglomeration million in additional investments beyond ing in Downtown Detroit . The growth achieved OVERVIEW effect from 2011 to 2016 of this wage increase existing levels . This will yield $7 .1 billion in by RVFOC could not have occurred in a low was $5 .1 billion in additional economic output, additional statewide economic output, sustain density, drivable sub-urban location . a figure above and beyond what would have 7,960 more jobs, and generate $408.6 million in been experienced by these investments alone . additional state and local taxes on top of the Similar research by GWU (Core Values 2016) This amount is 29 percent of the total economic current investment from 2011 to 2016 .
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