In an unprecedented move, The Detroit Regional Convention Facility Authority (DRCFA) has awarded the naming rights of Cobo Center to Chemical Bank, the largest bank headquartered in Michigan. Chemical Bank and the DRCFA will announce the new name of the convention center by the end of 2019; the name will remain Cobo Center until that time. Chemical Bank was selected to receive naming rights after an extensive competitive process.
“Our announcement gives us all an important message: that public-private partnerships work, and that we continue to dedicate ourselves to serving the customers of this great Center and to the rebuilding of a truly great American city,” says Larry Alexander, Chairman of the DRCFA and President and CEO of the Detroit Metro Convention & Visitors Bureau. “There could not be a better partner than Chemical Bank.”
The DRCFA has worked diligently to ensure the current Cobo Center is a financially self-sustaining facility by 2024. The DRCFA is currently ahead of schedule and has saved the state’s taxpayers an estimated $74.7 million since its inception in 2009. The naming rights initiative for the convention center has been a longtime goal of the DRCFA. Michigan taxpayers will receive significant benefit in sponsorship revenue to offset the cost of operating the convention center.
Chemical Financial Corporation recently announced its merger with TCF Financial Corporation, which will be headquartered in a new 20-story building in downtown Detroit. The combined holding company and bank will operate under the TCF name and brand following the closing of the merger. The merger is expected to close in the late third or early fourth quarter of 2019.