Boji Group Purchases Historic Farnum Building
LANSING, MI –The Boji Group announced it has closed on the sale of the Farnum Building in downtown Lansing. The Michigan development group won the purchase of the building in 2018 through a competitive bid process that was overseen by the Department of Management, Technology and Budget. The Boji Group bid at $4.5 million was $2 million higher than the next bidder.
Built in 1960, the building, originally named the Stoddard Building after Michigan National Bank founder, Howard J. Stoddard, has a shared history with the Boji Group’s signature property, the Boji Tower. Both were originally constructed to hold Michigan National Bank offices and operations. The two buildings are connected via an underground tunnel that runs under Allegan Street.
Part of the fabric and history of downtown Lansing, the building sits adjacent to the Michigan Capitol, within the Lansing Downtown Historic District. Considering its history and how significantly the building contributes to the historic district, the State Historic Preservation Office has recommended it for a historical building designation.
The 10-story, 92,000 square feet building features a penthouse, executive office space and other amenities. Along with closing on the property, the Boji Group released renderings that captured their vision for the development, which is expected to remain largely executive office space.
“There is a great deal of potential for this building, and it’s been an important part of the history of downtown Lansing” Ron Boji, President of the Boji Group said. “We’re looking forward to working with the city of Lansing to put the property into productive reuse as quickly as possible, helping attract, and retain, companies and employees to downtown.”
Considering the amount of environmental abatement and renovation required to ensure the building is truly vibrant and successful, the Boji Group is pursuing historical tax credits, as well as other incentives to help close the financing gap. The approval of these credits will usher in the next stage of development and move the project forward.
