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44 West Ave. First Independence Bank

Unique opportunity to purchase this exceptional building in downtown . Centrally located and overlooking and Capital Park, this building contains 2 above grounds stories at 6,500 RSF each, and a basement and sub basement each at 7,500 RSF. Originally built as an eight story building, until it was reduced to its current size in the 1960’s. Additional floors can be added to maximize the value of this real estate. All of the original safes and vaults as well as safety deposit boxes and private rooms are still intact and maintained within the building. The Offering: • Address: 44 West Michigan Avenue, Detroit, MI • Price: $10,900,000 • Parcel ID: 02-0002646 • Zoning: Opportunity Zone Property Description: • Floors: 3 floors & basement • Year Built: 1915 & in the 1960’s reduced and a modern skin added • Gross Area: Approximately 21,000 SF • Lot Size: 0.15 acres Construction: • Slab to Slab: Varying from12-16 ft. depending on floor. • Construction: Steel • Elevators: 2 with 1 frt. • Floors: Exposed concrete floors • Windows: Floor to ceiling heights 2 44 W. MICHIGAN AVE. TRADE AERIAL

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19 MAP KEY 1 44 W MICHIGAN AVE 2 3 Rosa Parks Transit Center 22 4 The Hudson Development Site 5 5 36th District Court 6 Greektown Casino 7 BCBS of Michigan 17 8 Brush Street Garage 9 Cadillac Square Apts. 10 11 David Scott Building 20 12 Westin Book Cadillac Tower 13 16 14 The Z Lot 15 15 16 Broderick Tower Apts. 17 18 19 6 20 23 14 21 Little Caesars Arena “District Detroit Phase I” 13 22 District Detroit Phase II “Live Block” 4 8 7 23 Shinola Hotel 24. Fowler Building 24 2 3 11

12 10 9 3 44 W. MICHIGAN AVE. TRADE AERIAL

15 WINDSOR ONTARIO CANADA MAP KEY 1 44 W MICHIGAN AVE Detroit River 2 One Campus Martius 6 5 3 One Detroit Center 4 The Hudson Development 5 The 7 6 The 10 8 17 7 Federal Building 9 8 Colman A Young Municipal Building 9 10 Cadillac Tower 14 11 David Scott Building 11 12 Westin Book Cadillac Tower 13 Fowler Building 14 Chase Towers 15 GM 20 16 The Z Lot 17 Cobo Center 18 Us District Court 19 Detroit Library PARKS 13 20 Campus Martius Park 21 Capital Park

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4 44 W. MICHIGAN AVE. FLOOR PLANS

6,355 SF 6,345 SF FIRST Scale 3/16”=1’0” SECOND Scale 3/16”=1’0”

Original Vault located in the rear, along with the original crank elevator.

5 44 W. MICHIGAN AVE. FLOOR PLANS

FIRS 569 SF 7,500 SF MEZZANINE Scale 3/16”=1’0” BASEMENT Scale 3/16”=1’0” Original vaults, safety deposit boxes & rooms, and teller windows.

6 44 W. MICHIGAN AVE. First Independence Bank Original Building Detroit

The First Independence Bank Building is located at the northeast corner of Michigan Avenue and . Originally built as Future Rendering the Home Savings Bank, which was designed by Donaldson & Meier, opened in December 1915. This building was constructed with foundations to support a for future growth of the bank. In the 1960’s the building became a branch of Manufactures Bank, and later, First Independence Bank, and the upper floors were removed in the 1960’s and the exterior was modernized to hide any evidence that it was once an 8 story building. Located between Campus Martius Park and Capital Park offers a central location in , which has contused to be a revival city, attracting new businesses, additional residences and visitors daily.

7 44 W. MICHIGAN AVE. DOWNTOWN DETROIT FACTS Click Here For “Detroit Move Here, Move the World” Video

Statistics:

• Cost of living is 4.7% below the national average • Residential is 99% occupied in the central business district • 33% of downtown residents are millennials (10% higher than national average) • Detroit has the 10th fastest growing economy among the 50 most populous areas nationally • 13% income growth - higher than the national average by 3.6% (since 2009) • 56% increase in residential units by 2020 • Capitalization rates for investment in Detroit are 6.75% - 7.75% • Commercial, residential lease and rental rates are up annually year over year since 2006

Attendance:

• 9.3 Million Annual Visitors • 4 Million Attendance to sporting events • 3.5 Million attend special events • 1.8 Million theatre attendance 8 44 W. MICHIGAN AVE. 2018 DEMOGRAPHICS

CONSUMER EXPENDITURE HOUSEHOLDS (RETAIL EXPENITURE) POPULATION 1 MILE 7,793 1 MILE $198 M 1 MILE 80,736 3 MILES 34,699 3 MILES $685 M 3 MILES 174,042 5 MILES 88,728 5 MILES $1.66 B 5 MILES 282,452

CONSUMER EXPENDITURE INCOME (1 MILE RADIUS) DAYTIME (AVERAGE HOUSEHOLD) APPAREL $14.5 M (AGE 16 YEARS & OVER) 1 MILE $38,829 ENTERTAINMENT $22.8 M 1 MILE 8,213 3 MILES $28,876 FOOD $62.1 M 3 MILES 105,030 5 MILES $28,990 GIFTS $10.1 M 5 MILES 298,314

9 44 W. MICHIGAN AVE. LIST WITH US

FOR MORE INFORMATION

Greg Newman [email protected] 248.356.8000 X 103 31000 NORTHWESTERN HIGHWAY, S U I T E 2 0 0 FARMINGTON HILLS, MI 48334