Tag Archives: Detroit

Gas Station TV, Verifone Announce Joint Venture

DETROIT — Gas Station TV, the Detroit-based TV programming provider for gasoline pumps, announced a 50-50 joint venture that combines the assets and operations of Verifone’s Pump Media division with GSTV, which is owned by Detroit-based Rockbridge Growth Equity and Falcon Investment Advisors.

The combined business will operate under the GSTV brand and deliver 3.3 billion annual impressions through more than 18,000 locations in all 50 states by year’s end.

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AT&T Upgrades Wireless Network in Southeast, Central Michigan

DETROIT — AT&T Inc. has announced upgrades on 11 cell towers on its 4G LTE network in Genesee, Shiawassee, Wayne, and Washtenaw counties to give customers faster, more reliable wireless service.

The communities of Ann Arbor, Clio, Detroit, Flushing, Gibraltar, Livonia, New Boston, Owosso, Plymouth and Ypsilanti will see improvements. AT&T says the additional capacity upgrades are like adding more lanes to a highway carrying traffic from a customer’s device to the cell tower, resulting in faster speeds and more reliable service.

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Detroit Firm’s Survey — More College Admissions Staff Check Social Media

DETROIT — In a recent survey conducted by The Social U, a startup business assisting young people maintain their social media profiles, 79 percent of college admissions officers reported “quality of character” as an important component in the admissions process.

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AT&T Brings Faster Network to More Than 100 Michigan Sites

DETROIT — AT&T Inc. has activated upgrades to bring faster speeds to nearly 100 cell sites around the state.

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Detroit Manufacturing, Hotel Projects Get State Aid

LANSING — The Michigan Economic Development Corp. announced new support for several Detroit-based projects lats week.

Adient, the world’s largest automotive seating supplier, will locate its operational headquarters in Detroit, while ArcelorMittal Tailored Blanks Americas Corp., one of the leading steel producers in the world, will establish a new manufacturing center. Also, the historic 15-story mixed-use Metropolitan Building, vacant for 39 years, will undergo a renovation in downtown.

Collectively, the projects inject $215.3 million in private investment and create 265 jobs in the city of Detroit.

Earlier this year, Adient became a publically traded company when it spun off from Johnson Controls Inc. Since late October, the company has been listed on the New York Stock Exchange. In wooing Adient in a competition with the city of Milwaukee, which is home to Johnson Controls, the MEDC negotiated a $2 million Michigan Business Development Program performance-based grant. In return, Adient committed to a $97.8 private investment and the creation of 115 jobs.

“We appreciate today’s decision and support from the MEDC and the State of Michigan to help Adient decide that Southeastern Michigan was the right place for our new global headquarters,” R. Bruce McDonald, chairman and CEO of Adient. “We will take these incentives into consideration as we make a final location decision in the next several days.  We look forward to a continued partnership as we expand our presence and bring new jobs to the area.”

Adient executives and city of Detroit officials will hold a press conference in the upcoming weeks to announce the location of their new operational headquarters.

With their move to Detroit, ArcelorMittal Tailored Blanks – a subsidiary of one of the world’s leading steel and mining companies, ArcelorMittal – will produce high-strength steel laser welded blanks for the OEM automotive industry. The new manufacturing operation in a 317,000-square-foot building north of GM’s Hamtramck Assembly plant is the first plant in the state for the company.

ArcelorMittal Tailored Blanks is located in the recently established industrial park near I-94 that includes Flex-N-Gate, a key site to the state’s automotive industry resurgence. With the support in May of a state grant, Flex-N-Gate will invest $95 million to manufacture exterior trim components along with aluminum and steel modular stamped body chassis assemblies, among other products.

ArcelorMittal receives a $2-million Michigan Business Development Program performance grant for a project that will create a minimum of 120 jobs over five years, and a capital investment of $83.5 million.

“The state’s consideration of a performance-based grant to support this endeavor is critical in advancing our business strategy as we further expand our footprint in Michigan, bringing new jobs and investment to the region,” said Ben Orler, vice president of operations for ArcelorMittal Tailored Blanks.

The companies will benefit from proximity to Lightweight Innovations for Tomorrow (LIFT), a nonprofit supported by a $10-million grant from MEDC and founded by the University of Michigan, Ohio State University and DWI, an Ohio-based engineering and technology organization. LIFT conducts research to develop multi materials to be used in leading-edge manufacturing processes, including in defense, energy and transportation.

Meanwhile, the restoration of the historic, 98,000-square-foot Metropolitan Building introduces a mixed-use, extended-stay 110-room hotel, including retail space a several blocks from Comerica Park. The redevelopment of the hotel after being vacant since 1977 offers another timely symbol of the city’s economic and cultural resurgence.

The redevelopment of the neo-gothic hotel, which opened in 1925, is a collaboration between Detroit-based Means Group Inc. and Roxbury Group LLC, known as Metropolitan Hotel Partners. The project receives a $6.5-million Michigan Community Revitalization Program performance-based loan as part of a total capital investment includes $34 million and the creation of 30 permanent full-time jobs.

“This is about more than brick and mortar,” said Eric Means, founder and CEO of the Means Group. “This breathes life into downtown Detroit and is strong evidence of the commitment the state has to preserving an important piece of history in urban America.”

The Roxbury Group received MSF incentives to support the renovation of the historic David Whitney Building, and the currently under construction Plaza Midtown and Griswold Lofts developments.

For more on the MEDC and its initiatives, visit michiganbusiness.org. For Michigan travel news, updates and information, visit michigan.org.

Holly steel firm gets $3.5M VC loan

Steel Producer Gets $3.5M VC loan

HOLLY — The venture fund Arctaris Michigan Partners LLC and affiliates announced a $3.5 million growth capital loan for Holly-based AFCO Manufacturing LLC, a manufacturer of adjustable steel columns.

This transaction represents one of seven current investments for AMP’s fund, which was created through a partnership between Arctaris Michigan Partners LLC, the State of Michigan and U.S. Treasury Department to provide growth capital to underserved and underbanked Michigan businesses.

With 49 years of operations, AFCO fabricates certified adjustable steel columns, lintel angles and temporary telescoping support columns for the home construction industry.

AFCO’s base of more than 100 customers consists of distributors of residential building products and large homebuilders, spanning from the East Coast to the Rocky Mountains.

The company has 17 employees and expects significant job growth to meet growing customer demands.

“Arctaris’ investment into AFCO demonstrates our confidence in the company’s leadership and our firm’s commitment to providing non-dilutive royalty financing solutions to companies operating in Michigan,” said Jonathan Tower, managing partner of AMP. “We seek to invest in additional opportunities like AFCO in Michigan with an eye toward growth, impact investment, and job creation.”

Arctaris Michigan Partners launched the Michigan Income and Principal-Protected Growth Fund LP to provide growth capital to underserved Michigan businesses. With capital from the U.S. Treasury Department, the State of Michigan, U.S. commercial banks, foundations and other private investors, the Fund provides loans to small- and mid-sized businesses seeking to expand their Michigan operations or move to the State.

Arctaris Michigan Partners, based in Detroit, is an affiliate of Boston-based Arctaris Royalty Partners LLC, a leader in economic development and impact investment for inner cities and underbanked communities throughout the U.S.

More at http://www.arctarismichigan.com.

AT&T Upgrades Network

DETROIT — AT&T Inc. says it has added a new 4G LTE cell site in Beverly Hills, and has upgraded dozens more other cell sites raound the state.

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Comcast To Deliver Gigabit Service Throughout Detroit

DETROIT — It won’t just be in a neighborhood, it’ll be everywhere.

The cable TV and connectivity giant Comcast has announced it is  launching an advanced consumer trial of a new internet service that will deliver data speeds of up to 1 gigabit per second to residential customers throughout the entire city of Detroit.

The service is the first citywide 1 Gig service offered in Detroit and one of the first in the nation.

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Accelerate Michigan New Business Competition Coming Nov. 3

DETROIT — The seventh annual Accelerate Michigan Innovation Competition will be held Thursday, Nov. 3 from 8 a.m. to 9 p.m. at Cobo Center in Detroit.

As one of the largest business plan competitions in the nation, this premier event showcases the best and brightest startups in Michigan and highlights the state as a powerhouse for business opportunity and next generation technology.

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AT&T Fires Up 100% Fiber Network in Southeast Michigan

DETROIT — AT&T Inc. says it has launched its ultra-fast 100-percent fiber optic internet service in parts of southeast Michigan.

The company says it now connects eligible homes, apartments and small business locations in the area to a 1-gigabit-per-second internet connection under the AT&T Fiber brand.

AT&T has made AT&T Fiber available in parts of Wayne, Oakland and Macomb counties by launching in Canton Township, the South Lyon area, Clinton Township and Novi.

The company said it plans to expand access to ultra-fast internet speeds in parts of Detroit, Ann Arbor, Roseville and Ferndale in mid-2017.

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