Visteon Corp.'s new $300 million headquarters will be more like a village than a giant corporate building.
One million square feet of Visteon's 265-acre site in Van Buren Township, Mich., will be transformed into a small town for 4,000 employees, according to details released Monday. Woods and a lake border the site. Van Buren is about 25 miles west of Detroit.
Called Visteon Village, the headquarters will include:
Visteon is based in Dearborn, Mich. Employees are spread among about 15 buildings throughout southeast Michigan.
"We knew we couldn't accomplish everything we needed to until we consolidated," says Stacy Fox, Visteon's senior vice president of corporate transactions and legal affairs.
The move will shift the supplier from the shadow of its former parent and largest customer, Ford Motor Co.
State and local governments granted tax incentives of up to $62 million over 14 years in exchange for Visteon investments in the community, says Visteon spokeswoman Marge Sorge. State, county and local governments also committed up to $25 million for site-development infrastructure improvements, she says.
"Annual carrying cost on the village will essentially be a wash of what we're paying now" in leases and operating costs, Fox says.
Employees could begin moving in by the end of July 2004 and will be phased in through the end of next year.
SmithGroup Inc. in Detroit is the project's architect-engineer.