Chemical Bank to build new 20-story HQ in Downtown Detroit, bringing 500 jobs to city

DETROIT – Chemical Bank announced plans Wednesday to move its headquarters to Detroit. 

The company plans to build a new 20-story building in Downtown Detroit. The building will include retail space and parking at 2047 Woodward Avenue. That's at the corner of Elizabeth Street and Woodward Avenue.

The move is expected to bring 500 jobs to the newly constructed building in Detroit. Chemical Bank, which right now is headquartered in Midland, Mich., said its Midland headquarters won't lose employees as a part of the move. 

Chemical Bank CEO Tom Shafer said that the bank will be announcing several additional major investments in Detroit in the near future as part of its continuing efforts to contribute to the city’s success. 

Chemical Bank is the largest banking company headquartered in Michigan and is a participating banker in the Detroit Home Mortgage program. The company was founded in Midland in 1917. 

Detroit Mayor Mike Duggan, City Council President Brenda Jones, Wayne County Executive Warren Evans also attended the news conference.