NOVI, Mich., Oct. 26 -- Joseph L. Welch, president and CEO of ITC Holdings Corp. (NYSE:ITC) and City of Novi's Mayor David Landry hosted a joint press conference this morning to announce ITC's plans to construct a new headquarters facility in Novi, Mich.
"The City of Novi is extremely proud that ITC has chosen Novi as its headquarters," said Mayor Landry. "We are proud to count ITC among the high tech businesses locating in Novi and look forward to a long and mutually beneficial relationship. ITC is the perfect example of a company that chooses not only to locate in a city, but also be an active member of the community. Their partnerships and support of community events and the Novi Parks Foundation are a true testament to the quality of their organization."
The new office headquarters will be located just southwest of the intersection of Haggerty and 12 Mile Roads. Situated on an 83 acre parcel of land, the facility will be co-located with ITC subsidiary ITCTransmission's Quaker Station.
ITC will initially construct an 180,000 square-foot office space and operations control center and parking deck to accommodate its 300 employees and contractors with room to grow. Ultimately the project will consist of two office facilities totaling 330,000 square-feet and corresponding parking structures. ITC expects to break ground during the first quarter of 2007 and take occupancy in April 2008.
"ITC and its subsidiaries have experienced significant growth recently as we continue in our mission to rebuild our electricity transmission system to support customers' needs for improved reliability and a lower cost of delivered energy," said Welch. "Since April 2003 when we began leasing a temporary office location, ITC has been a member of the community and formed a valued partnership with Novi. Our experience over these past three years has proven Novi to be vibrant and full of opportunities for our employees and their families to live and work."
The architectural firm for the project is Gillett Associates, Inc. of Farmington Hills, Michigan, and the construction manager is Cunningham-Limp, also of Farmington Hills. MA Engineering of Bingham Farms is the project mechanical/electrical consulting engineer, and Grubb & Ellis is the overall project coordinator.
