July 04–TRAVERSE CITY — Miller Investment Company has inked an agreement to purchase the Fifth Third Bank building at the corner of Front and Union streets.
The bank will continue to do business in the ground and third floors of the historic structure.
“That’s a building I’ve wanted to own for a long time,” said Adam Miller, managing partner of Miller Investment Company. “It’s an iconic building in TC.”
The 36,000-square-foot bank building originally was built by lumber baron Perry Hannah and was designed by his son, Julius Hannah.
Miller Investment Company partnered with outside investors to purchase the three-story brick building, topped by a clock tower.
“We’re under agreement, we haven’t closed yet,” he said.
The deal is expected to close in mid-August. Fifth-Third listed the building for sale in August 2017 for $5.7 million. The price later was lowered to $3.9 million. Adam Miller declined to state the actual purchase price.
The second floor will be remodeled and leased to Miller Energy, owned by cousins of the owners of Miller Investment Company. Miller Energy is relocating from Kalamazoo to Traverse City. It is an oil and gas exploration and production company.
Miller Investment Company’s principals all live in Traverse City.
“My dad and brother and I are the partners,” Miller said. “We bought the Bayview Professional Centre in 2005. That was our first real major acquisition in Traverse City.”
Miller Investment Company owns the Gateway building and Rivers Edge development.
The Chase Bank Building, 250 East Front, is owned by the Miller-Snowden Group, a partnership between Miller Investment Company and Snowden Companies.
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