Snyder Stirs DRIC Jobs Debate Projects to Partners
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20110124-NEWS--0001-NAT-CCI-CD_-- 1/21/2011 6:06 PM Page 1 ® www.crainsdetroit.com Vol. 27, No. 4 JANUARY 24 – 30, 2011 $2 a copy; $59 a year ©Entire contents copyright 2011 by Crain Communications Inc. All rights reserved Page 3 One D dissolves, hands off Snyder stirs DRIC jobs debate projects to partners BY BILL SHEA highly attractive economic development One of the leading justifications for CLOSER LOOK CRAIN’S DETROIT BUSINESS proposal” that includes the $5.3 billion DRIC, beside bolstering trade and safety Detroit River International Crossing, which redundancy, is what its proponents say Background and Republican Gov. Rick Snyder’s sur- he says won’t saddle Michigan with debt. will be the creation of 10,000 construction more: Bridge prise endorsement last week of the pro- DRIC has been a contentious proposal, jobs on the Michigan side of the river facts, figures and forecasts, posal to build a new bridge over the De- drawing ongoing legal challenges from and preservation or creation of 25,000 to Page 20 troit River is expected to renew the Ambassador Bridge owner Manuel “Mat- 40,000 other jobs once the span is com- Funding: Snyder debate over the merits of the project — ty” Moroun — who says the new bridge plete. deal with including highly touted job forecasts would be unfair government competition A 2008 online FAQ about the DRIC Washington used to promote the bridge’s necessity. and unneeded because border traffic re- study offers the warning that if no new could drive In his first State of the State address mains at half its 1999 peak — and skepti- border crossings are built: “The econom- project, Page 20 since winning the job in November, Sny- cism from both infrastructure industry in- der promised a “totally revamped and siders and Republican lawmakers. See DRIC, Page 20 Breakthrough for Broderick: MEDC plans Financing revives project Inside to place staff IDEA Detroit conference aims to get wheels turning, around state Page 5 Goals: Efficiency, Crain’s Lists coordination BY AMY LANE Livingston and Washtenaw CRAIN’S DETROIT BUSINESS in time Newly named Michigan Economic counties’ largest employers, Development Corp. President and Pages 12, 13 CEO Michael Finney said the state’s revamped strategy for eco- 5 years later, prep for big game yields dividends nomic development includes plac- BY NANCY KAFFER ing MEDC staff in offices spread This Just In around the CRAIN’S DETROIT BUSINESS state. The years leading up to Super Texan has plans for Novi’s In a Friday in- Bowl XL were a flurry of activity Twelve Mile Crossing terview after as business and civic leaders pre- Gov. Rick Sny- pared Detroit for the internation- A Texas real estate in- der’s State of the al crowd that would attend the vestor has bought Twelve Mile State speech on game. Crossing at Fountain Walk, the Wednesday, From 2000, when the city’s bid to 77-acre, bank-owned retail Finney said he host the game was successful, until and entertainment complex hopes to have the weekend of the game in 2006, a in Novi. eight to 10 such Finney team of more than 400 metro De- The property, built for $72 locations by troiters worked to prepare the city. million in 2002 by Newport year’s end as part of the MEDC’s Five years later, some of the Beach, Calif.-based PLC Com- improvement plans. The staff team’s work endures — namely, a mercial Inc., went through a would be housed in offices of local cleaner downtown, fewer derelict 2005 Chapter 11 bankruptcy or regional groups that promote structures, a crop of new down- before it was sold to Chicago- economic development. town businesses and a greater fo- based Arthur Hill & Co. to be re- Other priorities include improv- cus on downtown Detroit by some developed. ing business retention efforts, in the business community. After Arthur Hill default- serving as an information best- Preparation for the Super Bowl ed on its loan, the lender — practices clearinghouse, support- brought together a team with a Horsham, Pa.-based Capmark ing entrepreneurs and broadening massive to-do list of pregame Financial Group — took the the state’s 21st Century Jobs Fund. work, led by Super Bowl XL host property over and has oper- Finney, also group executive for committee ated it since July. economic growth, said embedding chairman San Antonio-based Spigel MEDC staff to work full time in lo- Roger Penske. COURTESY OF DOWNTOWN DETROIT PARTNERSHIP cations around the state will en- Successful See This Just In, Page 2 “Wayfinder” signs installed for Super Bowl XL in 2006 are still in place — now See MEDC, Page 19 management of maintained by Clean Downtown crews, also part of the Super Bowl legacy. the pregame preparations said Susan Sherer, who prepared Lasting legacies also counted as the city’s Super Bowl bid package one of the and served as executive director Highly visible is the Motown brightest spots of the Super Bowl XL host com- Winter Blast festival, which in the tenure of mittee, now CEO of The Heat and launched a year before the game Sherer disgraced for- Warmth Fund. “We took our obliga- in an attempt to create density mer Detroit Mayor Kwame Kil- tions and said, ‘This is what we’re downtown. patrick. obligated to, this is what we want “For the physical environ- NEWSPAPER “There are no instructions,” to do.’ ” See Super Bowl, Page 18 20110124-NEWS--0002-NAT-CCI-CD_-- 1/21/2011 5:57 PM Page 1 Page 2 CRAIN’S DETROIT BUSINESS January 24, 2011 nology incubator center at the energy systems at 24 school dis- Arena, home of the Wolverines’ Loft owner Midtown THIS JUST IN University of Michigan’s North Cam- tricts. The projects have generated men’s and women’s basketball pus Research Complex. more than 40,000 kilowatt-hours of teams. files for Chapter 11 ■ The 16,000-square-foot facility solar and wind power. The expansion will add about From Page 1 Midtown Development Group Inc. officially opened last week on the — Jay Greene 63,000 square feet for new fan en- has filed for Chapter 11 bankrupt- Properties closed on the deal Fri- grounds of the 174-acre, 30-build- trances, additional retail spaces cy protection in U.S. Bankruptcy day, said owner Stanley Spigel. He ing former Pfizer Inc. campus in and ticket areas, as well as a pri- Caraco wins drug fight, Court, Eastern District of Michigan. would not disclose the price but Ann Arbor. It will offer space for vate club space, the university Midtown Development owns said it was purchased in cash. up to three years to companies but appeal expected said in a statement. and operates three Midtown De- With 6 million square feet of spun off from UM by the school’s All seating will be replaced and A federal judge in Detroit has troit loft projects: Willys Overland property owned across the coun- tech transfer office. given Caraco Pharmaceutical Labo- improvements will be made to ac- try — and no debt on any of it — The first tenant is Life Magnetics cess for people with disabilities. Lofts, Springfield Lofts and Stuber- ratories news that could pave the Stone Lofts. Spigel said Fountain Walk is the Inc., a medical-diagnostics compa- way for the company to market a The project will be funded by type of property that can be very ny. Four other companies are ex- the athletic department budget Midtown lists four creditors on generic version of the Type 2 dia- court documents: Bank of America, successful when purchased at a pected to move in over the next betes drug Prandin. and gifts, the school said. low price. He said the retailers, few weeks — Phrixus Pharmaceuti- Bloomfield Hills-based TMP Ar- for a $1.3 million loan; the Detroit A spokesman for Novo Nordisk Economic Growth Corp., for a restaurants and entertainment cals Inc., EngXT LLC, 3D Biomatrix A/S, the Denmark-based pharma- chitecture Inc. and Denver-based $300,000 loan; Invest Detroit, for a tenants have high sales and the LLC and Civionics LLC. The incuba- ceutical company that holds the Sink Combs Dethlefs will design $20,000 loan; and the Wayne center is in a strong location near tor is expected to house about 15 patent for Prandin, said the com- the project. They previously de- County treasurer, for $35,452 in 12 Mile and Novi roads. startups, which will have access to pany would appeal the decision signed the $23.2 million Basket- taxes. Anchor tenants are Dick’s Sport- three mentors in residence provid- by Judge Avern Cohn of the U.S. ball Player Development Center, The company has between ing Goods, Great Indoors, Emagine ed by the tech transfer office. District Court for the Eastern District which opens this year. $1 million and $10 million in as- cinema, Lucky Strike and Bar Louie. — Tom Henderson of Michigan. The regents also unanimously sets, according to court docu- “We’re getting this at a good After a six-year legal battle, approved a $20 million plan to in- ments. price, so we’ll be able to work Energy Works Michigan wins Cohn ruled that Novo’s patent on stall high-definition video score- with tenants and be very compet- both Prandin and PrandiMet is boards at Michigan Stadium, President Bob Slattery declined itive,” he said. “And since there’s $4.4M schools contract invalid. Caraco had challenged Crisler Arena and Yost Ice Arena. to comment. no lender involved, I can have a — Bill Shea — Nancy Kaffer Ann Arbor-based Energy Works the validity of the patent.