"While considering a number of locations to build our new headquarters, we stayed focused on Downtown Monroe because we understand the economic value that our nearly 250 Downtown employeesprovide to city merchants," he adds. A price tag for the new development was not released. The new building will be built at the corner of Washington and Front streets. The city requested MBT to consider that specific location.
"MBT has provided the community with so much, we thought it made sense to have them as an anchor in the Downtown area," says Monroe Mayor John Iacoangeli. MBT has retained Thompson-Phelan Group, Inc., a Michigan architectural firm, as the designer/builder for the facility.
Construction is expected to begin during 2005 with completion in 2006.Relocating the bank headquarters building will create a ripple effect in Downtown Monroe.
MBT plans to vacate 1,600 sf of street frontage office space. The bank plans to work with the city Downtown Development Authority's Main Street program in order to recruit retailers into the Downtown area by offering this space at a reduced rate.
Since 1997, MBT said its assets have increased 65%, and their employee base has increased by 51% overall with a 54% increase in the number of Downtown MBT employees. Yet MBT was able to increase its operating space during that period by only 10% and is unable to add to the existing footprint of their current Downtown buildings.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
