Photo: Nadir Ali / Michigan State University
DETROIT, June 13, 2023 ~ Michigan State University just purchased a majority controlling interest of one of Detroit’s most iconic landmarks.
A Detroit-based developer, The Platform, announced today that the MSU endowment and MSU Federal Credit Union are now majority investors of Detroit’s Fisher Building. The university’s investment will come with continued restorations to the building, along with MSU taking up a level of tenancy in the historic structure.
The endowment and credit union also purchased two surface parking lots and the Baltimore Garage adjacent to the tower. In total, the MSU endowment paid $21 million, gaining a 79% ownership of an entity that owns the four properties. The remaining 21% ownership is roughly split in half between The Platform and the MSU Federal Credit Union.
“This (investment) is part of what MSU has been doing in Detroit for some time … really working with partners to support economic develop, to advance the arts, to transform our schools, and to improve health and sustain the environment,” said MSU Interim President Theresa Woodruff on 760 WJR‘s “Paul W. Smith Show.”
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June 13, 2023 ~ Michigan State University Interim President Theresa Woodruff talks to Paul W. Smith about the MSU endowment becoming the majority investor in Detroit’s historic Fisher Building and development parcels. Photo: Matthew Dae Smith ~ USA TODAY NETWORK
June 13, 2023 ~ Executive Chairman and CEO of The Platform Peter Cummings talks to Paul W. Smith about The Platform’s new partnership with Michigan State University, and he says it is going to be great for the Fisher Building and the New Center area.
(CONTINUED) The 95-year-old, 635,000 square foot Fisher Building is considered “Detroit’s largest art object,” boasting hand-painted barrel-vaulted ceilings, mosaics, extensive brass detailing, and marble nearly everywhere. Beyond the artistry, the three-story arcade hosts a wide array of shops and eateries, plus Broadway performances in the Fisher Theatre.
Notably, 760 WJR was The Fisher Building’s first tenant back in 1928, and still originates it’s broadcasts from the tower to this day.
READ MORE: “$2.5 Billion Investment to Bring Hospital Expansion, Mixed Use Development to Detroit’s New Center”
This is not the first time MSU and The Platform have collaborated in Detroit, with the endowment recently investing in an affordable housing project called the Piquette Flats at 411 Piquette Ave. MSU has also partnered with Henry Ford Health and the Detroit Pistons to invest in the neighborhood, including a new research center and hospital tower near the Fisher Building, according to Crain’s Detroit Business.
With the Fisher Building, MSU plans to support an array of educational, administrative, and community-facing functions within the building, according to a press release from the university. The MSU Research Foundation also plans to open a start-up incubator inside the Fisher Building later this year.
Since 2015, The Platform has invested more than $30 million in capital improvements, maintenance, and upgrades to the Fisher Building. This includes restoring the hand-painted ceiling of the arcade, upgrading the HVAC and the fire suppression systems, and modernizing elevators. The Platform will continue to oversee day-to-day operations of the Fisher Building.
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