Thursday, May 7, 1998
LANDMARK CHANGES HANDS
NO PRICE DISCLOSED IN DOWNTOWN TOWER SALE TO FATHER-SON FIRM
By A.J. Evenson
The Michigan National Tower has new owners.
Louie and Ron Boji completed a deal Wednesday that transferred ownership of Lansing’s tallest building from Michigan National Bank to the father-and-son developers.
Details, including the purchase price, have not been disclosed. But this year’s state equalized value of the building was $4.5 million, said Lansing Tax Assessor David Tijerina. The building’s market value would be about double that.
The Bojis have said they do not plan any major changes for the 25-story building, which will keep its name. Some minor renovations are planned for a couple of upper floors to make them more accessible for large gatherings.
Michigan National decided to see the building because it was no longer a major tenant of the downtown landmark, said Stan Starnes, the statewide bank’s Lansing president.
Michigan National Bank employees between 700 and 800 people locally, but relatively few now work in the downtown tower. Only those associated with the lower floor branch operations remain, Starnes said. Those services will continue. “We’re in the banking business, not eh real estate business,” Starnes said.
The purchase comes as city leaders and downtown proprietors renew efforts to revitalize the heart of Lansing. About 50 members of the Physical Improvements Development Task Force will meet Friday to discuss specific improvement plans they hope to take to build on recommendations made by consultants studying the district’s future.
That group is looking at retail and commercial use in the area and how to improve it trough ordinance changes, better use of Grand River frontage, expansion of the entertainment district and the linking of that district to others. The recommendations are expected shortly.
“We’re going to see more of a building of excitement downtown,” said Janet Foehrenbach, the Principal Shopping District’s project coordinator. “An air of construction is going to be nice, and noticeable change.”
Some downtown workers already like what they see. “Things have improved a lot,” said Cindy Winn, a state employee for 28 years. “They’re organizing ore activities downtown. There are more stores…you can have your choice of where want to eat.”