A closed bank branch on Packard Road will get new life as an environmentally friendly satellite office for the owners of Ann Arbor’s Liberty Title.

Tom and Michele Richardson bought the former National City branch on Wednesday, about three months after first touring the property at 1923 Packard.

The deal represents an investment in real estate, in their company’s growth and in the opportunity to develop more of the property in the future, Tom Richardson said.

“We’re at the stage of our lives where we feel we need to own more of our buildings,” Richardson said.

Pictured above, from left to right David Skaff, Tom Richardson, Michele Richardson, and Jim Chaconas stand outside of what is to be the new branch of Liberty Title in the old National City building on Packard in Ann Arbor, Mich. on Aug. 26, 2009. Angela Cesere | AnnArbor.com

Liberty Title operates nine offices, including six outside of Washtenaw County. The company expanded in May 2008 when it acquired the assets and some employees of Land-America. It took over Land-America's 6,500-square-foot office on South Industrial, which was too large.

The Richardsons started to seek a smaller replacement office this spring, and toured the National City building three days after it was suggested by Jim Chaconas of Colliers International. Days later, the building was under contract.

“He said it was well-priced as an owner-occupied building, so financing should be available,” Richardson said.

The fit, said Chaconas, was perfect: “It’s on one of the largest (available) lots in Ann Arbor and had tons of parking, and could be expanded in the future.”

The branch had been listed for sale after National City - acquired by PNC Bank in 2008 - closed the facility as part of some regional consolidation.

The deal came together in three months for a purchase price of $425,000, according to documents. The city’s assessed value is $492,300.

Now Richardson plans to invest about $150,000 in converting the bank into office space.

Immediate changes to the 2,200-square-foot building will start with a “green” facelift at the hands of architect Damien Farrell.

“All of the renovations will be LEED-certified,” Richardson said. “… We’re doing a green building.”

The interior will gain a new appearance, too, with Jeff Luedi of Luedi Design Interiors transforming the standard bank layout into offices where nine employees will be able to schedule real estate closings. Among the spaces that they’ll use is the bank vault - after the door is welded open, Richardson added.

The property allows expansion opportunities, Richardson said, which made it an attractive investment. Initial financing was done by David Skaff of United Bank & Trust Washtenaw.

“There’s the unlimited future upside of having a very developable site,” he said.
A second story could be added to the building, he said, and a second facility could be constructed on the one-acre site.

Meanwhile, other building improvements are being made along Packard, including at the nearby Morgan & York wine shop, which adds to the appeal, Richardson said. "We'll be part of the upgrades on the Packard Road corridor."