Michigan State University's substantial $3.9 billion endowment fund has taken a significant step in Detroit's revitalization by becoming the majority stakeholder in the renowned Fisher Building, a stunning art deco skyscraper near the city's downtown area. The university announced this major investment on Tuesday.
The endowment fund's $21 million investment secures a 79% ownership stake, encompassing the building itself, two adjacent surface parking lots, and a parking structure. Partnering with MSU in this venture are real estate developer and property manager The Platform, and the MSU Federal Credit Union.
Interim Michigan State President Teresa Woodruff emphasized the university's commitment to Detroit's resurgence, stating that this investment reflects their ongoing dedication to the city's rich history and dynamic future.
The 30-story Fisher Building is an architectural masterpiece, often hailed as Detroit's grandest artistic achievement. Its marble façade, a breathtaking three-story arcade with a hand-painted barrel-vaulted ceiling, intricate mosaics, and extensive brass detailing create an unforgettable visual experience. The tower's green terra-cotta tiles, typically illuminated in gold at night, are another distinctive feature. Designed in 1928 by architect Albert Kahn, the building holds a prestigious place on the National Register of Historic Places.
The Fisher Building houses offices on its upper floors, retail spaces at the lower level, and the renowned Fisher Theatre.
This investment follows the university fund's recent contribution to an affordable housing project developed by The Platform and aligns with its collaborative efforts with Henry Ford Health and the Detroit Pistons on other developments in the area.
Peter Cummings, executive chair and chief executive of The Platform, praised Michigan State's commitment to Detroit and the New Center neighborhood, highlighting the university's significant investments as a testament to their dedication.
The Platform has invested over $30 million in capital improvements, maintenance, and upgrades to the Fisher Building, which they had listed for sale in 2021. Adding to the revitalization efforts, Michigan State University's Research Foundation is slated to launch a startup incubator within the building later this year.
