Mortgage lender Quicken Loans will move its headquarters and approximately 1,700 employees to Detroit, Michigan, from its current location in Livonia, Michigan. The company says it will begin leasing space in the city by the middle of next year and plans to begin construction on a new facility sometime in 2013; total investment is expected to be approximately $240 million. The Michigan governor's office says the company will receive more than $47 million in state incentives as part of the move, with the city also considering incentives, which the Grand Rapids Press says include a parking subsidy. The Press reports that the deal requires Quicken Loans to have at least 1,000 employees working in the city before incentives can begin, which necessitates the leasing of space rather than waiting for construction to be finished. "We pledge to fulfill our commitment to the city. This is an interim step that allows us to begin transforming Detroit into a high-tech hub of business and ingenuity," says Dan Gilbert, Quicken Loans' chair. "Our goal is to develop a downtown headquarters once construction financing becomes available for large-scale building projects the likes of which we plan to undertake."