A regional bank with dozens of locations in Michigan and Ohio has purchased a historic building in downtown Grand Rapids to serve as its flagship location.
Independent Bank, which has about 60 locations in Michigan's lower peninsula and northern Ohio, purchased the Founders Building, which was constructed in 1880, from Sportsplex MB in October 2024 for $2.3 million, or approximately $150 per square foot.
The Founders Building, located at 98 Ottawa Ave. NW, has been selected by a panel of local industry professionals as the winner of the 2025 CoStar Impact Awards for sale/acquisition of the year for West Michigan.
Independent Bank, which was founded in 1864, purchased the building to house its downtown retail banking branch and about 40 corporate employees, according to a press release. The bank plans to upgrade the property to create at least 40 dedicated offices, meeting spaces and work areas for hybrid employees, in addition to exterior renovations.
“Downtown Grand Rapids is a great place to work, live, dine, and shop, and as a community-focused bank, we’re growing where customers will expect to find Independent Bank,” said Brad Kessel, president and CEO of Independent Bank, in a press release.
About the project: The Founders Building spans 15,136 square feet across four stories.
What the judges said: "Downtown growth opportunities are critical to the long-term health of the downtown market area," said Stu Kingma, executive vice president at NAI Wisinski of West Michigan.
They made it happen: Hillary Taatjes Woznick, office and retail specialist, and Doug Taatjes, partner at NAI Wisinski of West Michigan, represented the seller. Mary Anne Wisinski-Rosely, partner, and Jason Makowski, partner at NAI Wisinski of West Michigan, represented the buyer. Steven Klein is a manager at Independent Bank. Gary DeGraaf is the property manager at Ben Muller Realty.