The city of Detroit is a host of many historically iconic buildings and avenues such as the Fox Theatre, the Opera House, Woodward Ave., Michigan Ave., and Hitsville U.S.A. that sits on West Grand Boulevard.
Like many historic streets that run through the veins of the city, W. Grand Blvd. is and has always been yet another notable strip in the heart of the city, also known as the New Center area.
In addition to shops, businesses, and restaurants, the quintessential W. Grand Blvd., is home to one the city’s most influential landmarks – the historic Fisher Building.
The building known as “Detroit’s largest art object” has been dropping jaws in the New Center area for more than 90 years, first opening back in the late 1920’s.
The Fisher Building — built by Albert Kahn — opened in September 1928, at Second Avenue and Grand Boulevard. Once known as the ‘Cathedral to Commerce,’ the 441-foot tower is embellished to the nines in fancy marbles, mosaics, soaring, painted ceilings and a plethora of brass and bronze.
The Fisher Building has offices on its upper floors, retail on the lower level and it houses the Fisher Theatre.
Pushing forward to 2023, renovations are needed to give a facelift and shine the shoes of the building.
Michigan State University’s $3.9 billion endowment fund has become the majority investor in the iconic art deco style Fisher Building.
“In addition to the announcement of Michigan State’s alignment with Henry Ford Health and the Pistons’ all happening in the New Center part of Detroit, this building has become a real opportunity to help with that continued growth,” said Michigan State University Interim President Teresa Woodruff.
The fund is investing $21 million in the building, two adjacent surface parking lots and a parking structure for a 79% ownership stake. The other owners are real estate developer and property manager The Platform and the MSU Federal Credit Union.
The Platform’s executive chair and chief executive Peter Cummings says that between the two, millions of dollars will go towards the renovations of the building.
“The total of new equity will be just over $26 million and there will be additionally a new loan made available to the venture and we’re working on historic tax credit funding as well,” said Cummings. “So, significantly more than $21 million is going to be invested in the Fisher Building.”
The headline investments will be in upgrading all the building doors, the garage, both interior and exterior work – work that Cummings says will conclude a comprehensive rehabilitation that will position the Fisher Building well for the next 50 years of its life.
Creating a noticeable footprint throughout downtown Detroit and New Center area, the university fund recently invested in an affordable housing development by The Platform and has partnered with Henry Ford Health and professional basketball’s the Detroit Pistons on other developments in the area.
Interim President Woodruff says that the university has been exceedingly diligent with selecting New Center as a hub to redevelop and implement new development.
“I love the phrase New Center because I think that’s really what this is,” she said. “The vibrant new center of Detroit where people can come get their healthcare, come and see the Pistons, and have a place where they can do their business.”
The Platform’s executive chair and chief executive Peter Cummings said in a statement that Michigan State’s investments, “show the depth of their commitment to the city of Detroit and the New Center neighborhood in particular.”
The Platform has invested more than $30 million in capital improvements, maintenance, and upgrades to the building.
The Fisher Building is arguably the most iconic building in the city of Detroit, it’s largely considered to be the master work of the architect Albert Kahn who is probably the best-known architect that has been produced in Detroit in the last 100 years.
“The importance of the building to the city cannot be overstated and we’re very much focused on that importance,” said Cummings.
Moreover, Michigan State University’s Research Foundation plans to open a startup incubator in the building later this year.
“The city of Detroit is on an upward trajectory,” MSU Interim President Woodruff said. “I believe in the city of Detroit as does MSU and with the economic impact that we’ve had across the city with about $317 million we can continue to work hand and hand as the city itself builds out the narrative of what it wants to be for the future.”
The Platform’s executive chair and chief executive Peter Cummings says that construction on the Fisher Building will begin later this year and the completion of renovations will be toward 2027.
More than a historic landmark, the Fisher Building is a beacon in the heart of Detroit honoring the city and its people. It is a symbol of a proud past and promising future.
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