Finance V Michigan

The State Bank finances renovation of historic office building in Detroit

The State Bank finances renovation of historic office building,ph01

The historic office building 751 Griswold in downtown Detroit recently celebrated its grand-opening, renovated through financing provided by The State Bank.

The building was redeveloped by Roger Basmajian and his company, Basco of Michigan, Inc. It will be the new headquarters of Marx Moda, a management consulting firm.

The building was designed by architect Albert Kahn for the First State Bank in 1924, and has a façade sculpture by Corrado Parducci. The interior renovation included complete restoration and all-new mechanicals, elevators, plumbing and electrical, and the exterior limestone has been meticulously restored along with an intricate window restoration.

The project was supported by a MCRP grant by the MEDC, Federal Historic Tax Credits and OPRA tax abatement from the City of Detroit. Thomas J. Barrett of The State Bank in Brighton, Michigan arranged the financing.