DETROIT (AP) — The former site of the Michigan state fairgrounds will be sold to an investment group that includes Earvin “Magic” Johnson, who was a basketball star for Michigan State and the Los Angeles Lakers.
Michigan’s Land Bank Fast Track Authority on Wednesday approved the purchase agreement for the 157 acres along the city’s northern border with Oakland County. The land will be transferred to Magic Plus, LLC, in partnership with developer REDICO for $4.6 million.
REDICO President and CEO Dale Watchowski called the project “conceptual.”
Preliminary plans call for an investment of up to $160 million in shops, restaurants, multi-family housing, single-family housing, senior living facilities, a medical office, entertainment venues, a transportation hub and open green spaces. It is expected to include more than 1 million square feet of new construction over multiple phases.
The deal calls for a 90-day inspection period of the site and refinement of proposal plans. A formal closing is expected on or before Jan. 15, 2015, according to REDICO news release.