Redevelopment Project expected to create 200 additional jobs.
MARQUETTE, MI – The Veridea Group announced it has acquired the Flagstar/First National Bank complex in downtown Marquette. The 80,000 square foot campus will undergo a $10 million renovation that will result in multiple new businesses and uses for the facilities and the creation of approximately 200 new jobs.
The acquired properties include four connected buildings that begin on Washington Street and run the length of Front Street’s 100 block to Main Street. Included in the campus are the iconic First National Bank and Kaufman buildings, located on the corner of Front and Washington Streets. Constructed in 1926 under the leadership of famed banker and Marquette native Louis G. Kaufman, the bank facility’s cost on a per square foot basis made it the most expensive building ever constructed in America up to that time. This earned it the moniker of “a temple to banking.” It is still renowned today for its classical architecture and opulent interior.
With most of the complex underutilized or vacant for the past decade, Veridea intends to invest in significant renovations and upgrades to bring the facility to modern standards and create a dynamic commercial center. Key partners in the renovation are EUA Architects of Milwaukee and Miron Construction. Veridea has received lease commitments that should result in full occupancy of the premises by the end of the year and 200 new jobs based in the campus.
“We are honored and frankly thrilled to take ownership of these historic properties,” said Robert Mahaney, Veridea’s Chief Executive Officer. “These buildings are part of the heart and soul of Marquette. We hope that our renovation work and the support of our tenant partners will result in bringing new life and vibrancy to downtown Marquette. We also feel a strong responsibility to be good stewards of these historically significant structures and, as such, will be undertaking work to restore their original architectural character.”
Mahaney went on to express gratitude to Marquette community leadership for their assistance in the acquisition. “I want to thank the City of Marquette and particularly City Manager Mike Angeli and Community Development Director Dennis Stachewicz for their support and assistance in bringing this opportunity to fruition,” he said. “Their vision for downtown Marquette is a key reason behind our commitment to make this investment during these challenging times.”
New tenants in the building will include North Cross Group, an east coast-based cybersecurity firm opening a new regional office in Marquette; InvestUP, several other local economic development organizations, coworking and private office space, a new restaurant, government offices, and educational facilities. They will join existing tenants Flagstar Bank and Travel Marquette.