The new office building would be developed by Southfield-based Redico and take two years to complete, says Dale Watchowski, Redico's chief executive officer. A preliminary presentation has been made to city officials, but no leases have been signed for the project.

Visteon officials say they are weighing several options, but would consider the space for 500 information technology staff. "We are looking at a multi-tenant building opportunity in Downtown Detroit, but we are also looking at the suburbs," says Jim Fisher, Visteon's director of corporate communications.

The Kennedy Square block at Woodward and Michigan, and an underground parking deck, are owned by the City of Detroit. The proposed 240,000-sf, glass structure would be the first major office tower built Downtown since Compuware opened a $325-million, 4,000-employee headquarters in February 2003 on Monroe between Woodward and Randolph. "What we see in the Kennedy Square block is an excellent location overlooking a world-class park in a city that is making great improvements," Watchowski says.