Detroit – The largest central bank in the state is moving its base to downtown Detroit and adding hundreds of jobs.

Midland-based Chemical Financial Corp. Wednesday announced plans to move immediately to the city and eventually move into a 20-storey building to be built at the corner of Woodward and Elizabeth.

Chem Gary Torgow, President of the Bank, detailed the company's plan as well as his commitment to investing in the city's neighborhoods.

"This is a great moment for our company and a wonderful opportunity for the chemical bank to create jobs. to the citizens and businesses of Detroit, and to everyone in the entire region, "said Torgow." We love Detroit and are delighted to be here. "

Mayor Mike Duggan joined with officials for the announcement on the future site of the bank's building, saying, "I am Would have never thought of seeing the day "where the city would land. "

million. Torgow said the building project is currently in the design phase and the authorities hope the construction will begin later this year. The allotment subdivision, which could cost about $ 60 million, is expected to be about 400,000 square feet and includes retail businesses, offices, parking lots and luxury condominiums, he said.

The lot and a separate building are owned by a New York conglomerate Chemical Bank has the rights, said Torgow. It's not clear at this point, he said, whether the new building will also include affordable units for Detroiters.

Meanwhile, Chemical has offices at 333 W. Fort St. and Torgow merge there. About 100 employees are already working in Detroit.

"We have always known that Detroit had the potential to be like once, one of the big American cities and we are finally seeing it flourish in a way that we can not almost not imagine. "

The bank plans to retain its Midland workforce of more than 500 people and its presence in this community as it expands to Detroit. Midland will continue to be the home of the bank's operations center, company officials said.

Midland City manager Brad Kaye said the city was disappointed with losing the bank's headquarters and was hoping to find out more quickly about the potential impact it will have on the company. tax base of the city.

stated that the bank would convert its Midland site into a center of operations. He was not sure how the jobs for Midland workers could change.

"In the end, we are disappointed with losing the head office," said Kaye, adding that the city understands the bank's desire to expand in the Midwest and that they "viewed Detroit as a better place. "

Kaye said it's" too early to say "how the move will have a financial impact on the city." This conversation is yet to take place, "he said. [19659008Thecompanycurrentlyhasjustover500employeesinMidlandandtheseemployeeswillstaytheretocontinuetheirbankingoperationssaidChemicalBankspokesmanBillNowlingMostofthebank'sexecutivesarebasedinTroyand39OtheremployeesarescatteredinsoutheasternMichiganinvariousofficessomeofwhichwillbegroupedtogetherindowntownDetroit

Job estimates do not take into account the number temporary workers who will be hired for construction, officials said. The company announced this summer that its Midland offices would move from a site near Dow Chemical to a space in Midland's downtown, Detroit announced Wednesday. Torgow said the company had already committed $ 5 million to a new neighborhood initiative in Detroit and that it was offering special loan programs in the city. for small businesses and residents.

City council chair, Brenda Jones, was moved Wednesday talking about the company's commitment, saying it was "exciting and inspiring" and that her long-term investment "really marks a critical point. "

" Gary grew up in Detroit, "she said," I know the community will be in good hands. "

Wendell Anthony , the long-time president of the Detroit NAACP Detroit, says he's known Torgow for decades and believes the bank will keep the needs of those in the neighborhoods in

"Gary and the bank understand the community ", he said." We do not have two Detroit, we have a Detroit. "

Tal Sea Bancorp Inc. based in Troy merged with Chemical Financial in 2016 in a $ 1.7 billion transaction and Torgow became its chairman. The move has made the banking company the largest head office and operating branches in Michigan. As of June 30, the company owned $ 20 billion in assets, about 3,300 employees and 212 banking centers in Michigan, Ohio, and Indiana, according to officials.

Kaye said the merger with Talmer "sets in motion". at that time, he said, said at that time that the seat would remain in Midland.

"We certainly suspected that this could be the result of the merger two years ago." Midland, a city of about 43,000 inhabitants that is also home to Dow Chemical

The company 's commitment to the city is accompanied by other important investments in recent years.

In October, a Flex-N-Gate Detroit plant, is expected to open on Georgia Street, not far from Coleman A. Young International Airport. The east side auto parts plant is expected to hire more than 400 workers

Separately, Indian auto supplier Sakthi Automotive Group has invested in a multi-million dollar plant on Fort Street in southwest Detroit . [19659008Hasrecentlyannouncedtheintentionoftheworld'semigrantsandthehundredsofjobsatDarroitbutabandonedtheplanlastmonth

The company bought a downtown in 2016 for its 500 executives and leaders, including 100 new

The company, which has struggled in recent years to maintain its profitability, abandoned the plan a few weeks after getting a new CEO, claiming that the decision did not reflect Detroit nor its revitalization efforts. history: https://detne.ws/2uOn0bl