DETROIT (WWJ) - Michigan State University's endowment fund is now the majority investor in one of the most recognizable buildings along the Detroit city skyline -- the historic Fisher Building.
MSU's Interim President Teresa K. Woodruff, Ph.D. said in an announcement on Tuesday morning that the purchase "signals our continued intent to be part of Detroit’s storied history and vibrancy."
The university plans to use the building in the New Center neighborhood to support educational, administrative and community-facing functions while the MSU Research Foundation moves forward with opening a start-up incubator later this year.
“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,” Woodruff said. “Our collective presence in the Motor City yields $317 million of economic impact for the region and, more importantly, our partnerships and collaborations throughout the region improve the lives of Detroiters and Michiganders alike."
MSU's last purchase comes on the heels of the school's endowment fund investment in the Platform’s Piquette Flats affordable housing/adaptive reuse project in addition to other planned developments announced in conjunction with MSU’s partnership with Henry Ford Health.
"While both Piquette Flats and the Fisher Building are independent of developments recently announced by the partnership among MSU, Henry Ford Health and the Detroit Pistons, they are positioned to benefit from long-term growth catalyzed by that partnership’s transformative plans for the New Center neighborhood," Philip Zecher, MSU’s chief investment officer, added.
Designed by legendary architect Albert Kahn in 1928, the 635,000-square-foot building is a National Historic Landmark and considered “Detroit’s largest art object” for its marble exterior, three-story arcade with hand-painted barrel-vaulted ceiling, spectacular mosaics and extensive brass detailing.
The “Golden Tower of the Fisher Building," one of the most recognizable characteristics on the the 635,000-square-foot building will be illuminated green for a week to commemorate the occasion, MSU officials said.
The Fisher Building was designed by renowned architect Alert Kahn in 1928 and is a National Historic Landmark often called “Detroit’s largest art object." It features a marble exterior, three-story arcade with hand-painted barrel-vaulted ceiling, spectacular mosaics and extensive brass detailing.
"In addition to this investment, MSU sponsors hundreds of programs and projects in Detroit including food security resources through MSU Extension; K-12 music and career-path outreach programming; educating leaders on safeguarding our state’s most precious natural resource, freshwater; and a renowned urban agricultural center on nearly 3.5 acres focusing research and outreach on the needs of Detroit residents," the university added.
Earlier this year, MSU announced plans for a new state-of-the-art research facility as part of a $2.5 billion expansion in downtown Detroit by the university and their partners Henry Ford Health and the Detroit Pistons. The new facility was born out of the 30-year partnership between Henry Ford Healthy and Michigan State University Health Sciences.
“Being headquartered in Detroit, just steps away from the iconic Fisher Building, we know what a beautifully important asset it is to our community,” said Bob Riney, President and CEO, Henry Ford Health. “On the heels of announcing our most transformative project ever in Detroit – the reimagination of our healthcare campus alongside our partners – this continues to be a powerful demonstration of our collective commitment to this great city.”
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