Andreas Apostolopoulos (APOP), owner of the State Bank and Penobscot buildings, appears to be tearing down this unfortunate terra cotta structure on the corner of Michigan and Shelby. There's no official word on exactly what the plan is, but Curbed is now ready to project that 201 Michigan Avenue will become a parking lot. Possibly a garage, if we're lucky. Keep in mind, we're talking about the same man who wanted to demolish the historic State Bank Building for a parking lot, arguing there was no place in all of downtown that his Penobscot Building tenants (or lack thereof) could park. How far away from the Penobscot is this property? Three blocks.