Chemical Bank headquarters in Detroit gets $30M in incentives

The project to build Chemical Financial Corp.'s new headquarters in downtown Detroit will receive government incentives after all. The governing body of the Michigan Economic Development Corp. approved Tuesday nearly $17 million in reimbursements to site developer and owner Sterling Group affiliate GPC Adams LLC through the tax capture of eligible activities over 30 years starting in 2022. The City Council also approved $12.7 million in property tax abatements Tuesday for the project over the next 10 years. The incentives will go toward the creation of a $105 million 20-story, mixed-use building at Woodward and West Elizabeth near Comerica Park. Chemical Bank, which has moved its headquarters from Midland to Detroit, will be a long-term tenant. The tower is expected to bring 500 workers to downtown. It also helps keep Chemical's headquarters here if its merger with Minnesota-based TCF Financial Corp. receives regulatory approval later this year, counter to a trend in recent decades of banks leaving the city. The combined TCF Bank would be one of the top 50 largest banks in the United States and hold $45 billion in assets.