DETROIT, Mich. (WXYZ) — The massive Fisher Body 21 factory, which the city says has been a symbol of blight for 25 years, will be turned into a mixed-use space with affordable and market rate housing and a retail district.
According to an announcement from the City of Detroit Monday, Greg Jackson and Richard Hosey, of Jackson Asset Management and Hosey Development, plan to team up with Lewand Development to revive the 600,000-square-foot factory, which sits along the intersection of I-94 and I-75. The plant operated for 65 years before closing in 1984. The facility was abandoned in 1993.
PHOTO COURTESY: Fisher Body 21 has stood as a symbol of decline for almost 30 years and at one of the state’s most heavily traveled intersections of I-96 and I-75. It will now be reborn. Development team photo
The $134 million project to create the Fisher 21 Lofts is expected to be the largest African-American led development deal in Detroit’s history, according to the city.
"This project is being done by Detroiters and for Detroiters,” said Gregory Jackson of Jackson Asset Management in a press release. “This project is proof of the potential of Detroit, its spirit and its people. We are honored to become stewards of this forgotten piece of the city’s storied past and turn it into a key piece of its future, bringing catalytic investment, quality housing and destination retail to this proud neighborhood.”
The primary building at 6051 Hastings will reportedly be turned into 433 market rate and affordable apartments with 28,000 square feet of commercial and retail space and 15,000 square feet of coworking space. The redevelopment plan was designed by McIntosh Poris Associates.
PHOTO COURTESY: The Fisher Body 21 plant will be reborn as affordable and market-rate housing and destination shopping in the heart of Detroit. It is expected to be completed in 2025. McIntosh Poris Associates
The city says at least 20 percent of the units, about 87, will be at or below 80 percent area median income.
Residents in the project area will reportedly be able to attend community meetings as the development moves forward.
“This is the type of project that can have an incredible, transformational effect on a neighborhood,” Detroit City Council President Mary Sheffield said in a press release. “I would like to thank the developers for their investment and confidence in our city and District 5, but also applaud them for their dedication to ensuring that residents will have their voices heard in guiding this project and ensuring it is a success for all.”
Construction on the mixed-use project is expected to begin later this year. The project is estimated to be completed in 2025.