Bank's chief likes downtown

[tapezord]

The only problem with these buildings is that the floor plates are so damn small. I don't think that would be conducive to a large corporate tennat. Would be nice, though.

[Jasoncw]

The Monroe block could be a major spash development that BOA might like. The location is about a prominant as you can get downtown and depending on height, you will have the potential for nighly exposure in the skyline from Comerica Park home runs to right field .

I bet you could pair the BOA offices up with some retail, a theatre and maybe residential. And why not have BOA handle project financing. Nice Impact!

[MJLO]

haha yeah that's the one great thing, no matter what happens, what they build or renovate. If they say they are going to do it, it will happen, and without all these tax commitments from the state and city.

[Zissou]

Maybe the Book or the Broderick Buildings are a possibility.

[nofunk]

What are the chances they'd construct a new building anyway? Maybe I'm wrong, but I got the impression that they were just looking for some existing office space downtown. New construction would be a huge investment.

[Zissou]

I personally dont think that they are looking to build anything. There is quite a bit of office space that they can use down there unless they are really looking to make a splash.

[Jasoncw]

I didn't really even get the impression that they were going to move, just that the BOA guys likes downtowns.

I think this is the current LaSalle place in Troy. I don't know how much space in that building they're taking up. If they were to move I feel like they'd need a decent chunk of office space, and right now depending on the size, such a chunk might not be available.

[hudkina]

They won't move into any building built prior to the 1960's, so rule out your favorite historic skyscraper. Model D Media just reported that 211 W Fort St just got four major tenants (signing multi-year deals) and is nearly at full occupancy. I would take them out of the running. One Woodward and the Madden Building also seem like they have a relatively high occupancy rate. In fact Downtown as a whole has a healthy occupancy rate of about 85% according to recent data. Granted that number only includes office space that is on the market. I would assume "offices" such as those in the UA Building, Whitney Building, Broderick Tower, 1001 Woodward, etc. that are not actively seeking tenants are not included in the "vacant" space.

The only major building that I see them purchasing is 1001 Woodward. The recent plans to convert the building into condos has fallen through and it sits at one of the most prominent locations in the downtown area. It can be seen for miles down Woodward as well as from the stadiums, etc.

[hudkina]

double post...

[Gangway1111]

If they had to build a new building and go through the hasstles that involves, does anyone here think that they would just to get a presence in DT Detroit?

Also, there are a lot of surface parking lots in the Dt area. Might BOA decide it would be better to build an office building in some of those areas instead of a prominent location like on woodward if they can purchase one of those lots cheap enough?

[Zissou]

I didnt even think of 1001 Woodward as being an option Hudkina, but now that you mention it it almost seems like the perfect option for them if they were to move down.

Unrelated, but did we ever determine if the 1001 Woodward garage could support a residential structure above it?

[MJLO]

If you asked me, they'd build new. If you travel a little you know that they are in buildings they build from the ground up. They like to leave their mark on a city they enter. I see them building an office tower between 350 - 400ft tall and with them going downtown, will give a little life to the empty or struggling office towers. If they go I see others following, perhaps a full rebirth

[Michi]

Unrelated, but did we ever determine if the 1001 Woodward garage could support a residential structure above it?

[GRDadof3]

I'm with Matt thinking they'd go new construction. The whole intention of moving from Troy would be to establish a "presence" and to "reinvigorate". You can't do that with a renovation job. Plus, new bank buildings are highly automated, highly secure, highly digitalized, highly flexible spaces. Something you just can't get in older buildings. Just for comparison sake, here are some of the BoA towers around the country:

Seattle

Atlanta

New York (under construction and fully LEED Certified)

Miami

Toronto

Dallas

LA

Ft Lauderdale

Austin

St. Petersburg

Houston

Tampa

San Antonio

Orlando

Ghangzou

And of course you can't forget their Charlotte HQ:

OK, a couple of exceptions, Baltimore and Providence:

[Zissou]

How many more downtowns do they just rent space in though? Im not sure Detroit is one of those major markets that they would want to build a new HQ. They would make an impact downtown regardless if they build or not. The additional employees and taxes are still a great impact.

[Michi]

I don't know about that though. There aren't that many big banks left and how much longer will it be before BofA aquires smaller banks in the region? I can see BofA taking a lot of the regional business when it sets up shop in SE Michigan and Michigan an general, especially if we ever have our population ever come home in the future...those who may now have BofA accounts in the places they live.

Anyway, if they moved downtown, I would most likely think they would renovate something like 1001 Woodward, especially since the alternative to that decision would be just to stay put at Top of Troy, which is a building that can't be much newer that 1001. Then again, I have no clue on if they might have some sort of ambitious plan to plant a seed in dt with a whole new building.

What's kind of annoying though is that every other major market from NYC to Tampa has a major presence of BofA in the downtown (if the bank is in their market in the first place). Detroit, which would be one of their biggest market, would be a stand-alone w/ the hq building in the suburbs. Sends a bad message.

[hudkina]

How many more downtowns do they just rent space in though? Im not sure Detroit is one of those major markets that they would want to build a new HQ.

[MJLO]

How many more downtowns do they just rent space in though? Im not sure Detroit is one of those major markets that they would want to build a new HQ. They would make an impact downtown regardless if they build or not. The additional employees and taxes are still a great impact.

[Michi]

Arizona is like the Boogy Man. It scares me.

[MJLO]

lol how come

[hudkina]

6 million people living in an area with just enough water for five people...

[Michi]

Ok ok...In all fairness, Arizona doesn't scare me. But those utility light poles in that last picture make it hard for me to close my eyes and fall asleep at night.

[rbdetsport]

Those light poles look like the machines in War of the Worlds.

[Gangway1111]

Question, If BOA dose decide to build a brand new building downtown how tall do you think they would build?

Something that would match the height of the near by buildings?

Or something that would stand out, like trying to build the new tallest building in the city (70+ floors)?

[hudkina]

I doubt they would build a new "tallest", but I could see them putting up something in the range of 30 floors.

BTW, I love that a comment in passing has lead us to speculate a new "tallest".