A mixed-used development at the former Michigan State Fairgrounds site is closer to becoming reality after the Michigan Land Bank Fast Track Authority board of directors today approved selling the 157-acre site for $4.65 million to an investment group that includes Earvin "Magic" Johnson, Kirk Pinho reports in Crain's Detroit Business.
Magic Plus LLC has hired Southfield-based Redico LLC as the developer of the project that's expected to include retail, restaurants, single and multifamily residential, senior living facilities, medical office space, a transportation hub and green space.
Closing on the land sale is expected before Jan. 15, 2015. There will also be a 90-day site inspection and refinement of plans for the multiphase redevelopment.
Kim Homan, executive director of the state land bank, said at the board meeting that a development agreement must now be negotiated. Redico can now market the property to prospective tenants.
