DETROIT – Detroit’s historic Fisher Building has a new majority owner.
The Michigan State University Endowment and MSU Federal Credit Union have taken majority control of the iconic Detroit fixture, along with three other New Center area properties -- two adjacent surface parking lots and the nearby Baltimore Garage parking structure.
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The university anticipates supporting an array of educational, administrative and community-facing functions within the building, while the MSU Research Foundation plans to open a start-up incubator inside the Fisher Building later this year.
The MSU Endowment recently invested in the Piquette Flats affordable housing development in Detroit’s Milwaukee Junction neighborhood as well as nearby developments announced in conjunction with MSU’s partnerships with Henry Ford Health and the Detroit Pistons.
“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,” said Interim President Teresa K. Woodruff, Ph.D. “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 Platform will remain the managing partner responsible for building operations and leasing. MSU Federal Credit Union is the lender on the property.
“The Fisher Building assemblage is the MSU endowment’s second joint venture investment in Detroit. The first was the Piquette Flats affordable housing project, which was made public last month. 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,” said Philip Zecher, MSU’s chief investment officer.
The Fisher Building, designed by legendary architect Albert Kahn in 1928, spans 635,000 square feet and 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.
The Fisher’s trademark “Golden Tower of the Fisher Building” will be illuminated green for a week to commemorate the occasion.