A Detroit couple bought a vacant 1925 bank and neighboring bar for $66,000; 13 years later, one old bank vault is a den and another is a wine cellar
A former bank building in Detroit, Michigan that sat vacant for about a decade has been turned into a two-bedroom home after a couple spent years restoring it by hand. The unusual property, built in 1925, is now on the market for $1.3 million.Lynne Savino and her husband, Michael, bought the abandoned building in 2013 through an estate sale, according to Homes.com. The purchase price was $66,000 and included the neighbouring property, a former bar at 3415 Michigan Ave. The couple had sold their home in Detroit’s Green Acres area to fund the purchase and the work that followed.The former People’s State Bank had already gone through several changes before the couple bought it. It was later used as an after-hours club, and the building had suffered from scrapping and graffiti. Still, Savino saw potential in the structure and wanted to turn it into a home.The renovation became a major project. The couple moved into the building in May 2014, even though much of the house was still under construction. At first, there was no kitchen, laundry room or shower. Savino placed her bed in the middle of the construction area and gradually worked on different parts of the property.“I did not have a shower for a month. I didn’t have a laundry room for two months, and I didn’t have a kitchen until September,” Savino said. During that time, she traded cooking meals and bottles of wine with friends in exchange for using their showers and washing machines.
From abandoned bank to family home
Savino said she was drawn to the building because of its size, light and unusual features. The property had half-round windows at the top, allowing sunlight to enter the space.“I thought it was fantastic. The sunlight would be pouring through the half-round windows at the top, and I had two cats at the time, and it was just heavenly,” she said.Michael, who worked as a cement contractor, and Lynne carried out much of the renovation themselves. They kept the building’s exterior largely unchanged, apart from installing a new roof. The couple had considered several other unusual buildings before settling on this one.The bank had been built with an open floor plan. It included a main-level vault, an employee bathroom and another vault in the basement. By the time the Savinos bought the building, the vault doors were gone. Radiators had also been removed, which Savino believed was the work of scrappers.The basement vault was eventually converted into a wine cellar. The couple also added a loft, which became the location of the primary bedroom and a second bathroom. The space had previously been used as a DJ booth when the building operated as a club. To work out the layout of the loft, Savino used newspaper taped to the floor to mark the planned spaces.The finished property now has two bedrooms and two bathrooms. It covers about 3,000 square feet and is located in West Corktown, one of Detroit’s oldest areas. Listing agent Endrina Halili Malkowski of Keller Williams Legacy described it as a highly unusual residential conversion. “It is the most unique building that’s been renovated completely and being used as a residential building currently,” she said.
The former People’s State Bank had already gone through several changes before the couple bought it.
Copper entrance survived decline
One of the features that survived the building’s years of neglect was a large copper vestibule at the entrance. The former after-hours club had painted over the entrance, which helped keep the copper hidden from people stripping the building for valuable materials. Savino later removed the paint herself.“I call it my $30,000 vestibule because copper is expensive,” she said. She used nut picks to work through the detailed sections of the vestibule and remove the paint.The couple also retained several other traces of the building’s past. Original marble windowsills remain in the home, and some have engraved signatures left by former partygoers or people who entered the abandoned building.The basement still has spray paint and handwritten markings on its walls, connecting the finished residence to the building’s earlier years.The Savinos also added modern features while keeping those older details. The home has a 20-foot-long kitchen island and a custom mural of a koi fish painted by local artist Phybr. Phybr also painted murals on the exterior of the neighbouring Airbnb property and on a storage container in the backyard. The container once held all of the Savinos’ belongings while the renovation was under way and is included in the sale of the home.
More than a renovation project
The unusual property eventually became part of Savino’s cooking class business. It was also used as an event venue. The home has hosted different gatherings, including a wedding reception for a friend who worked for the city of Detroit.For Savino, using the house for these activities was a natural extension of what she had imagined when she first bought the building. “From the beginning, I always told my husband that it’s a space that should be shared. It’s big, it’s cool, it’s a great Detroit story,” she said.The couple’s former bar next door was also given a new use. According to the report, the property has been used as an Airbnb with three loft apartments and is separately listed for $485,000. The two properties can also be sold together.The former bank itself is now listed for $1.3 million. The average house price in southwest Detroit at $124,480, with an average price of $110 per square foot. The Savinos’ property is listed at about $433 per square foot.
