Detroit's Financial District: Then and Now
June 9, 2015 1:14 PM
The Motor City's heyday as a financial center has long since passed, though echoes of Detroit's fiscal prominence remain in the shape of its skyline. And there is hope for revival as Ally Financial and Fifth Third make major moves downtown. Here is a look at the city's financial powerhouses over the years.
Image: iStock
The Guardian Building
Located at 500 Griswald Street, the 40-story Guardian Building was completed in 1929 for what would become the $400 million-asset Guardian Detroit Union Group. The bank's strength was revealed to be more apparent than real when it collapsed in spectacular fashion in February 1933. The building, which serves as Wayne County's government center, became a National Historic Landmark in 1989.
Image: Can Stock Photo Inc.
201 W. Fort St.
German-born Albert Kahn was Detroit's pre-eminent architect in the early 20th Century, designing the Highland Park factory where Henry Ford manufactured the Model-T. He also designed 201 W. Fort St. for Detroit Trust Co. The building, known for its eight ornate Corinthian pillars, was completed in 1915 and remains in use as a Comerica branch.
Image: Comerica
611 Woodward
National Bank of Detroit built 611 Woodward, moving into the 14-story building designed by Albert Kahn Associates in 1959. The site still has strong ties to banking, serving as the regional headquarters for JPMorgan Chase, which inherited the building after buying Bank One. Its official name is the Chase Tower, but many locals refer to it as "the Cube," a name that fits its boxy, rectangular dimensions.
Image: Bedrock Real Estate Services
One Detroit Center
Downtown Detroit received a big boost in March when Ally agreed to move its local operations from the Renaissance Center complex to One Detroit Center soon to be renamed Ally Detroit Center. Ally plans to have 1,300 employees occupy 13 of the 43-story building's floors. Comerica, the building's prior anchor tenant, moved out in 2012.
Image: Bedrock Real Estate Services
411 West Lafayette
Comerica may no longer occupy the One Detroit Center it moved its headquarters to Dallas in 2007 but it still has 153 branches and 22% deposit market share around Detroit. In recent years, Comerica has run its Michigan operations out of 411 West Lafayette, which was built in 1971 for the Manufacturers National. (Comerica bought that bank in 1992.)
Image: Comerica
One Woodward Avenue
Fifth Third is planning to move its eastern Michigan headquarters, along with 150 full-time employees, to One Woodward, a 29-story tower built in 1962. It was the first skyscraper for architect Minoru Yamasaki, who later designed the World Trade Center in New York and the Seattle's Rainier Tower. Fifth Third also plans to inject $85 million into the Detroit economy over the next five years.
Image: Can Stock Photo Inc.
151 W. Fort St.
Completed in 1900 for State Savings Bank, 151 W. Fort St. is the oldest in Detroit's Financial District and housed a bank for 77 years. When Peoples Savings Bank, which bought State Savings, failed in 1933, the property became a branch for Manufacturers National. Designed by architect Stanford White and listed on the National Register of Historic Places, the site fell into disrepair and was set for demolition until Bedrock Real Estate Services bought it in December.
Image: Detroit1701.org
