Magical development: Former State Fairgrounds property purchase announced

Magical development: Former State Fairgrounds property purchase announced
Shares

An estimated $1 billion of investment is expected to begin at the former Michigan State Fairgrounds when ground is broken at 160 acres on Woodward Avenue near Eight Mile Road.

It’s been a long journey for developer Magic Plus, LLC, which closed on their 16-acre property acquision today, returning the former State Fairgrounds back into productive use for Detroit taxpayers.

The City of Detroit Detroit will close on the remaining 142 acres of property later this month, according Michigan Land Bank Fast Track Authority director Josh Burgett.

Magic Plus overcame a number of hurdles in its quest to finalize its mixed use development, which  experienced delays and scrutiny from residents.

After numerous meetings between the developers, city stakeholders and community groups there is alignment on the plan.

“I’m proud of the collaborative work we’ve done with Magic Plus and the City of Detroit to bring new jobs and economic opportunities to the community,” Burgett says. “The State Fairgrounds is one of the largest developable properties in Detroit and we’re excited for the economic prosperity this brings to their community and Michigan taxpayers.”

The fairgrounds have stood vacant for almost 10 years and have cost taxpayers $1 million a year to maintain the property. In March 2018 the Michigan Land Bank Board of Directors approved the sale to Magic Plus, LLC and the City of Detroit.

Magic Plus will develop the Woodward Avenue frontage in a comprehensive development project.

“I am pleased to announce the purchase of 16 acres for a mixed-use development, at the historic site of the former Michigan State Fairgrounds. With the development of this property, we are excited to be a part of Detroit’s continued economic renaissance and community revitalization,” says Magic Plus, LLC owner Joel Ferguson.

The City of Detroit will explore different development options to ensure the project creates real economic opportunities for Detroiters as well as ensuring the project benefits the surrounding neighborhoods. This public/private partnership is the result of a shared vision to create jobs and provide commercial destinations for new employees and current residents of the City of Detroit.

“We are pleased to see this deal with Magic Plus close, as it paves the way for the redevelopment of this strategically located Woodward Avenue property. We also look forward to closing on the city’s purchase of the other 142 acres of the State Fairgrounds property in the next several weeks,” says City of Detroit Group Executive for Jobs and Economic Growth Thomas Lewand.

The site hosted the Michigan State Fair from 1905 until 2009.The property was transferred to the Michigan Land Bank in 2012 and the Michigan Land Bank Board of Directors approved the purchase in March 2018. Since that time, the Land Bank has been working with the City and Magic Plus, LLC to bring redevelopment to the site.

Shares

Comments

comments

Subscribe

Leave a Reply

Your email address will not be published.