Mayor Mike Duggan has continued to show his commitment to redeveloping the hardest struck areas of Detroit, MI, by joining developers and city officials to announce plans to turn a historic factor into a symbol of growth and change.

The Fisher Body Plant 21, long known as a symbol of blight for the last 25 years, will be redeveloped by Asset Management and Hosey Development, two Black-led companies in the state. 

The $134 million project, dubbed the Fisher 21 Lofts, will turn the abandoned manufacturing facility into 400 mixed-income housing units. Believed by city officials to be the largest Black American-led projects in Detroit’s history, the men behind it are over the moon, ecstatic to get the ball rolling on this stirring changeover.

“It is very exciting to be able to save this historic landmark and put it to work for the residents of this city for decades to come,” Duggan said Monday, standing with developers Gregory Jackson of Jackson Asset Management and Richard Hosey of Hosey Development. 

The Fisher 21 Lofts sits along the heavily traveled intersections of Interstates 94 and 75, which will be reimagined as 433 apartments with a new retail district, according to city officials.

With construction slated to begin as early as 2023, the project is pending City Council approval of the sale.

The project triggers the city’s community benefits ordinance, which requires developers to work out a benefits package for the community. The city’s Planning & Development Department plans to begin meetings with residents next month.

At least 20%, or 87 units, will be at or below 80% of the area median income. There will be a mix of studios, one- and two-bedroom apartments.

According to the city, when it took title of the property in 2000, extensive environmental remediation work was needed, including replacing soil and removing storage tanks. Further remediation involves the removal of lead, asbestos, and sewage.

The price tag has not yet been determined, according to Jackson and Hosey.

The project team is also all Detroit-based and will be hiring city workers and contractors.

Financial closing and start of construction are slated for late next year.

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