Early today, the City of Detroit announced that Michigan-based Chemical Bank will be the city’s primary banking partner. Soon after, the bank announced a major new build in Foxtown.
The bank announced that it would build a new headquarters in downtown Detroit at 2047 Woodward, at the intersection of Elizabeth Street near the new Little Caesars World Headquarters, the Palms Building (the Fillmore), and the Fyfe Building. The build is expected to take about two-and-a-half years and when completed, over 500 new employees would work from here. Until then, the bank will expand its current offices at 333 Fort Street to accommodate the employees.
The bank’s headquarters have been located in Midland, Michigan since 1917, and the bank states that the labor force there will not be reduced. Midland will continue to house its corporate operations center.
“Chemical Bank, Michigan’s largest headquartered bank, is excited and pleased to be a part of the dynamic growth and success of Detroit,” said Gary Torgow, chairman of Chemical Financial Corporation, a long time native Detroiter. “We are honored to be in a position to bring a bank headquarters back to the city of Detroit and become Detroit’s hometown bank.”
The corner site is currently a parking lot, with a building behind that will be demoed. According to the Free Press, this building is mainly used for parking.
Plans for the building also include retail, multiple levels of parking, and luxury condos. It will come in at about 240,000 square feet.
Chemical Bank is a participating partner in the Detroit Home Mortgage program, which has made it easier for homebuyers to secure funding to purchase homes that need renovation.
We’ll update with more information as it comes in.