by
The Michigan State Fairgrounds at 8 Mile and Woodward in Detroit, once the home of corn dogs, freak shows, agricultural exhibits and wild rides, is in for a major transformation.
The city of Detroit on Wednesday announced that it will purchase approximately 142 acres of the property for $7 million and Magic Plus, LLC, the development group that includes Magic Johnson, will purchase approximately 16 acres – primarily along Woodward Avenue. The Michigan Land Bank Fast Track Authority Board of Directors on Wednesday approved proposals to sell the property to the city.
Magic Plus had submitted plans to redevelop the property with retail stores, apartments and a movie theater. But the plan so far has been stalled.
The land purchase lets the city lead the redevelopment, aimed at luring a major employer and creating a regional transit hub.
“The historic State Fairgrounds is an important site for residents, the City of Detroit and the entire region,” Josh Burgett, director of the Michigan Land Bank Fast Track Authority, says in a statement. “All parties involved have worked hard to bring redevelopment to the site and this public/private agreement is marrying two visions for the State Fairgrounds to create jobs and provide commercial destinations for those new employees and current residents.”
The site hosted the Michigan State Fair from 1905 until 2009. In April 2012, Gov. Rick Snyder signed legislation allowing for the transfer of the site to the Michigan Land Bank to be returned to productive use. Since that time, the Land Bank has been working with the City and Magic Plus, LLC to bring redevelopment.
Pending Detroit City Council approval and environmental reviews, the city would take ownership of the land this summer, according to a press release. Magic Plus, LLC is expected to take ownership of its approximately 16 acres by May.
