Tuesday, November 5, 2024

Top 5 This Week

Related Posts

Detroit Local NewsHistoric Fisher Body Plant No. 21 in Detroit to be redeveloped with...

Historic Fisher Body Plant No. 21 in Detroit to be redeveloped with affordable housing and commercial space by 2026

Detroit, Michigan – Once-bustling manufacturer Fisher Body Plant No. 21, which has stood empty since 1993, is scheduled to be turned into a thriving residential and business center in a plan praised as a key step toward reviving Detroit’s historical architecture and increasing local housing. Significantly advancing the city’s urban regeneration initiatives, the Michigan Strategic Fund (MSF) has now granted about $19 million in additional incentives for the redevelopment project.

Dubbed Fisher Lofts 21, the $155 million project aims to transform the run-down six-story building into 433 modern apartments together with large commercial space. Situated at 6051 Hastings Street, close to the intersection of Interstate 75 and Interstate 94, the development is a joint venture between Richard Hosey of Hosey Development and Gregory Jackson of Jackson Asset Management, Detroit-based entrepreneurs.

Tuesday’s MSF approval included $8.7 million in state-level Brownfield tax capture and $10 million in performance-based loans. These incentives fit inside a bigger financial plan including $6.9 million from Detroit’s local government and $24 million in federal historic tax credits. The developers themselves are demonstrating their dedication to the success of the project by pouring $13.3 million in equity into it.

“This project is about more than just bricks and mortar — it’s about restoring a piece of Detroit’s history and creating opportunities for the city’s future,” said Jackson and Hosey in a joint statement to Detroit Free Press. The development is notable not only for its scale but also for being the largest African American-led development project in Michigan.

Read also: Alarming number of whooping cough cases in Genesee County, little children most at risk

Opening in 1919, Fisher Body Plant No. 21 was the 21st manufacturing facility the Fisher brothers constructed. Manufacturing auto bodywork for companies like Cadillac and Buick, it was vital in Detroit’s automotive explosion. General Motors used the plant until 1984, then saw occasional use by many industrial paint businesses until its closing in the early 1990s.

Read also: Series of fall and Halloween events in Flint start on Thursday, October 24

Fisher Body Plant No. 21 is scheduled to be converted into Fisher Lofts 21 with around 457,000 square feet of development area. Of the 433 apartments, 63 will be provided at below-market rates to meet the critical demand for affordable accommodation for Detroit residents with qualifying incomes. More than 44,000 square feet of commercial space will also be part of the project, giving companies chances and more local job development possibilities.

Although the completion date of the project is officially slated for 2026, early cleanup initiatives started this summer, indicating the beginning of actual site physical changes.

Read also: City of Flint teams up with Michigan UIA to help residents find job, assist with their unemployment insurance claims

The renovation of Fisher Body Plant No. 21 is evidence of Detroit’s tenacity and continuous attempts to combine modern urban growth with historical preservation. The project intends not only to bring a historic building back to life but also to become a basic component of Detroit’s new urban scene, therefore promoting community development and economic growth in a city eager for a rebirth.