Michigan State University today announced it has made an undisclosed investment in the historic Fisher Building in Detroit with plans to add an array of educational, administrative, and community-facing functions within the New Center structure.
In turn, the MSU Research Foundation plans to open a start-up incubator inside the Fisher Building later this year. The building is owned by The Platform, a multi-faceted real estate development company in Detroit.
“For decades, MSU has been working with partners in Detroit to support economic development, advance the arts, transform schools, improve health, and sustain the environment,” says Teresa K. Woodruff, interim president of MSU.
“Our collective presence in the Motor City yields $317 million of economic impact for the region and, more importantly, our partnerships and collaborations throughout the region improve the lives of Detroiters and Michiganders alike. This new investment signals our continued intent to be part of Detroit’s storied history and vibrancy.”
The announcement follows MSU’s recent investment, through its endowment fund, in The Platform’s Piquette Flats affordable housing/adaptive reuse project as well as nearby developments announced in conjunction with MSU’s partnership with Henry Ford Health.
Located in Detroit’s Milwaukee Junction neighborhood, Piquette Flats involves the transformation of a historic industrial building into 161 affordable apartments. All units will be priced between 60 percent-120 percent AMI (Area Median Income), with 60 percent of units priced below 80 percent AMI, representing one of the largest new affordable housing developments in Detroit.
The $38.2 million adaptive reuse will convert a 108,000-square-foot, four-story industrial building into 71 studios, 87 one-bedrooms, and three two-bedroom loft-style apartments ready for occupancy summer 2024. The Albert Kahn-designed structure is located at the corner of Piquette and Brush streets.
“While both Piquette Flats and the Fisher Building are independent of developments recently announced by the partnership among MSU, Henry Ford Health, and the Detroit Pistons, they are positioned to benefit from long-term growth catalyzed by that partnership’s transformative plans for the New Center neighborhood,” says Philip Zecher, chief investment officer at MSU.
Designed by legendary architect Albert Kahn in 1928, the 635,000-square-foot Fisher Building is a National Historic Landmark and considered “Detroit’s largest art object” for its marble exterior, three-story arcade with hand-painted barrel-vaulted ceiling, spectacular mosaics, and extensive brass detailing.
One of the most recognizable buildings on Detroit’s skyline, the often proclaimed “Golden Tower of the Fisher Building” will be illuminated green for a week to commemorate the occasion.
In addition to this investment, MSU sponsors hundreds of programs and projects in Detroit including food security resources through MSU Extension; K-12 music and career-path outreach programming; educating leaders on safeguarding our state’s most precious natural resource, freshwater; and an urban agricultural center on nearly 3.5 acres focusing research and outreach on the needs of Detroit residents.
The university also has several flagship partnerships within the city.
In February, the university announced it would start the planning for a new state-of-the-art research facility in downtown Detroit as part of the Henry Ford Health + Michigan State University Health Sciences 30-year partnership. The facility is part of the $2.5 billion expansion in Detroit by MSU and its partners Henry Ford Health and the Detroit Pistons.\
“Being headquartered in Detroit, just steps away from the iconic Fisher Building, we know what a beautifully important asset it is to our community,” says Bob Riney, president and CEO of Henry Ford Health. “On the heels of announcing our most transformative project ever in Detroit — the reimagination of our health care campus alongside our partners — this continues to be a powerful demonstration of our collective commitment to this great city.”
Additionally, MSU will soon graduate its second cohort of the nation’s only Apple Developer Academy in North America. The program is a partnership between Apple and MSU and is designed for Detroiters and focuses on cultivating the next generation of app developers and entrepreneurs.
