DETROIT – Chemical Bank took the wraps off of a plan to build a 20-story tower in the heart of Downtown Detroit.
The development is just one of dozens of buildings reshaping the Detroit skyline.
The lot on the corner of Woodward Avenue and Elizabeth Street will be the site for the new Chemical Bank headquarters.
"I just saw the posting on WDIVÂ of a mystery company announcing a headquarters," Detroit Mayor Mike Duggan said. "We can now reveal that the mystery company is Chemical Bank."
The big plan was announced Wednesday afternoon by city and county leaders.
"Thank you to the city of Detroit for having the common sense to have the initiative to make sure everybody knows Detroit is open for business," said the Rev. Wendell Anthony, of the NAACP Detroit branch.
Chemical Bank is Michigan's largest bank and is now the primary banking partner for the city of Detroit. It will manage the city's operating deposit accounts.
"We're thrilled to be a partner with the city of Detroit," Chemical Bank Chairman Gary Torgow said.
Torgow said the plan has been in the works for months.
"The board of directors began a real serious conversation about three to four months ago, and yesterday in our board meeting we formally approved it," Torgow said.
The building will be 20 stories high and bring parking, retail, luxury condos and 500 jobs to the city.
"For young people growing up to have opportunities in the city, it's going to mean internships and summer jobs and exposing people to the financial community at a young age," Duggan said.
The headquarters is expected to open in 2 1/2 years.