{"id":1004050241,"date":"2012-09-06T10:13:56","date_gmt":"2012-09-06T18:13:56","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=67202"},"modified":"2020-04-07T12:29:53","modified_gmt":"2020-04-07T20:29:53","slug":"magic-johnson-backs-up-michigan-state-fairgrounds-mixed-use-redevelopment","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/magic-johnson-backs-up-michigan-state-fairgrounds-mixed-use-redevelopment\/","title":{"rendered":"\u201cMagic\u201d Johnson Backs Up Michigan State Fairgrounds Mixed-Use Redevelopment"},"content":{"rendered":"<p style=\"text-align: justify;\">By Veronica Grecu, Associate Editor<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/Magic-Johnson.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-67203\" title=\"Magic Johnson\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/Magic-Johnson.jpg\" alt=\"\" width=\"300\" height=\"226\" \/><\/a>Basketball star Earvin \u201cMagic\u201d Johnson\u2014a Lansing native now turned entrepreneur\u2014has teamed up with businessmen \u00a0Joel Ferguson, also of Lansing, and Marvin Beatty of Detroit in one of the most ambitious revitalization projects proposed in Detroit in the past years.<\/p>\n<p style=\"text-align: justify;\">The venture plans to acquire the former State Fairgrounds site at Woodward Avenue and 8 Mile Road, a 164-acre property owned by the state of Michigan, and transform it into a mixed-use development that would feature an upscale theater complex, retail and office space, several restaurants, multifamily townhomes, senior housing and an Amtrak station. The 500,000-square-foot development proposal also calls for a recreational park along State Fairgrounds Road. An exact sale price is yet to be disclosed, according to\u00a0<em>Deadline Detroit<\/em>.<\/p>\n<p style=\"text-align: justify;\">Due to lack of funds, the property has been vacant for almost four years. In April 2012 Gov. Rick Snyder visited the fairgrounds site to sign a bill that allowed the state government to sell the property under the close supervision of an advisory committee made up of area representatives.<\/p>\n<p style=\"text-align: justify;\">According to <em>MLive.com<\/em>, most of the existing buildings\u2014except the Coliseum, Joe Dumar&#8217;s Fieldhouse, the State Fair Band shell and the Dodge pavilion\u2014will be demolished to make room for Johnson\u2019s project, which is currently being reviewed by the Michigan Land Bank Fast Track Authority (MLBFTA).\u00a0If approved, the project would generate more than 2,000 full- and part-time jobs, as well as around 1,800 construction jobs.<\/p>\n<p style=\"text-align: justify;\">For an in-depth look at the Detroit market, please <a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-as-auto-industry-bounces-back-detroit-sees-sharp-increase-in-multifamily-rentals\/1004049836.html\" target=\"_blank\" rel=\"nofollow\"><strong>click here<\/strong><\/a>.<\/p>\n<p style=\"text-align: justify;\"><em>Image credits to Flickr user\u00a0gbyrne2\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Veronica Grecu, Associate Editor Basketball star Earvin &ldquo;Magic&rdquo; Johnson&mdash;a Lansing native now turned entrepreneur&mdash;has teamed up with businessmen &nbsp;Joel Ferguson, also of Lansing, and Marvin Beatty of Detroit in one of the most ambitious revitalization projects proposed in Detroit in the past years. The venture plans to acquire the former State Fairgrounds site at [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":1004507388,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1495,21742],"tags":[1815],"class_list":["post-1004050241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-detroit","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>\u201cMagic\u201d Johnson Backs Up Michigan State Fairgrounds Mixed-Use Redevelopment - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/magic-johnson-backs-up-michigan-state-fairgrounds-mixed-use-redevelopment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u201cMagic\u201d Johnson Backs Up Michigan State Fairgrounds Mixed-Use Redevelopment\" \/>\n<meta property=\"og:description\" content=\"By Veronica Grecu, Associate Editor Basketball star Earvin &ldquo;Magic&rdquo; Johnson&mdash;a Lansing native now turned entrepreneur&mdash;has teamed up with businessmen &nbsp;Joel Ferguson, also of Lansing, and Marvin Beatty of Detroit in one of the most ambitious revitalization projects proposed in Detroit in the past years. 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