MSU becomes Fisher Building's majority owner
DETROIT, MI - NOVEMBER 02: The iconic Fisher Building sits as a backdrop to a mural on the side of the City of Detroit Dept. of Elections office. (Kent Nishimura / Los Angeles Times via Getty Images)
DETROIT (FOX 2) - The newest majority owner of Detroit's iconic Fisher Building is Michigan State University.
The school said it had purchased a majority stake in the property through its endowment fund, confirming on the university's website that it has plans to set up a start-up incubator inside the building.
It's the latest in a series of investments the school is making in Detroit as it seeks to further connect with the Motor City and private companies that operate out of it. It's also purchased stakes in the Piquette Flats affordable housing project last month.
"For decades, MSU has been working with partners in Detroit to support economic development, advance the arts, transform schools, improve health and sustain the environment," said Interim President Teresa K. Woodruff, Ph.D.
MSU's shift in Detroit is part of a $2.5 billion expansion it's heading alongside Henry Ford Health and the Detroit Pistons. The school's chief investment officer said investments at PIquette Flats and the Fisher Building will "benefit from long-term growth catalyzed by that partnership’s transformative plans for the New Center neighborhood."
The iconic building has long been a staple of Detroit's cityscape. However, it's also been for sale for years as it has fallen into disrepair and in need of restoration.