Owners To Spend Up To $100 Million To Revitalize Detroit Buildings
DETROIT (AP) - Nearly a year and a half after the Fisher and Albert Kahn buildings in Detroit were sold in a $12.2 million deal, owners of the properties said they plan to invest up to an estimated $100 million to revive the architectural gems.
The buildings' owners are in conversations with a national home furnishing store to become the anchor tenant in the Albert Khan building. The unidentified retailer could take up to 30,000 square feet of the space.
Additionally, the spaces' third to 11th floors will be converted into more than 160 apartments.
The Fisher Building will host the Fisher Beacon Project, an ongoing series of exhibitions, performances and lectures with programming designed to connect the building to the surrounding neighborhoods. Infrastructure updates and maintenance to the exterior and interior of the building are already underway.
"We want to be part of the discussion of the future of Detroit and using design in the service of equitable development," said Peter Cummings, the real-estate developer who's one of the principals behind The Platform, the company in charge of the Fisher's restoration and programming.
Other ideas for the Fisher Beacon Project include more art exhibitions, musical performances, design symposiums or other events that might also make use of the theater.
The Fisher Building arcade offers a special setting to spotlight the role of art and design. The opening exhibit, "Maker City" will include photographs of local "makers," which include artists, community organizers and more.
TM and © Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.