Former Detroit Auto Plant To Undergo $134 million Redevelopment

DETROIT — A former Detroit automotive plant will be redeveloped into new apartment units, which 20 percent will be labeled as affordable housing, city officials announced Monday.

The $134 million project to convert the massive 600,000 square foot Fisher Body plant 21 into market rate housing and retail opportunities will be overseen by Jackson Asset Management and Hosey Development, officials said.

The project is believed to be the largest African-American led development deal in Detroit’s history.

"I am here because this touches on what I believe is important to so many Detroiters: Repurposing a historic property, creating affordable housing, and having a Detroit-based African American lead team," Detroit City Council President Mary Sheffield said during a news conference.

The long-abandoned automotive plant that sits near Interstate 75 and Interstate 94 in Detroit has been one of the city's largest and most notorious abandoned former auto industry plants for the past 25 years.

Detroit Mayor Mike Duggan called the vacant plant an "international poster child for blight and abandonment in our city." He always believed the plant was going to be demolished by construction crews, because it seemed impossible to find a developer willing to renovate the former Detroit icon.

"But it’s a new day in Detroit, and we have a team of outstanding developers led by two Detroiters — Greg Jackson and Richard Hosey — who are going to transform this vacant eyesore from a source of blight to a source of beauty and opportunity, bringing new housing for Detroiters of all income levels.," Duggan said.

City officials said at least 20 percent of the units, about 87, will be at or below 80 percent of the area's median income. Construction on the project is expected to begin later this year, with an estimated completion date expected sometime in 2025.