Detroit couple has turned abandoned 1925 bank into $1.3 million home

A Detroit couple, Lynne Savino and Michael, transformed a vacant 1925 bank building into a luxurious home, selling it for $1.3 million. The property, originally built as the People's State Bank, had been vacant for nearly a decade before the Savinos purchased it in 2013 for $66,000 through an estate sale. The renovation process was a significant undertaking, with the couple moving into the building in May 2014 before most of the construction was complete.

They lived in the house without a kitchen, laundry room, or shower for several months, relying on friends for basic amenities. The unique structure, featuring half-round windows and original marble window sills, was seen as a fantastic opportunity by Lynne. The couple kept the exterior largely unchanged, installing a new roof while preserving the copper entrance, which had been hidden by paint during the building's decline.

The basement vault was converted into a wine cellar, and the loft became the primary bedroom and second bathroom. The renovated property now boasts two bedrooms, two bathrooms, and a 20-foot-long kitchen island, along with a koi fish mural painted by local artist Phybr. The unusual home is located in West Corktown, one of Detroit's oldest neighborhoods.

Beyond being a residence, the property has served as a cooking class venue and event space, including a wedding reception. The neighboring former bar has been repurposed as an Airbnb with three loft apartments, listed for $485,000, while the main property is priced at $1.3 million, representing an impressive $433 per square foot.