Michigan State University Endowment Buys Majority Stake in Fisher Building
The Platform, MSU to partner as stewards of “Detroit’s Largest Art Object” in addition to multiple proximate development sites
June 13, 2023
Detroit-based developer The Platform announced today that the Michigan State University (MSU) endowment and MSU Federal Credit Union have invested in the historic Fisher Building and three properties that are ideally positioned for future development – two adjacent surface parking lots and the nearby Baltimore Garage parking structure. The investment will help to preserve the Fisher Building’s iconic status as “Detroit’s Largest Art Object” for generations to come.
The Platform will remain the managing partner responsible for building operations and leasing. MSU Federal Credit Union is the lender on the property.
This announcement follows MSU Endowment’s recent investment in The Platform’s Piquette Flats affordable housing/adaptive re-use project in Detroit’s Milwaukee Junction neighborhood as well as nearby developments announced in conjunction with MSU’s partnerships with Henry Ford Health and the Detroit Pistons.
“For years The Platform has been a driver of historic renovations and new construction projects in New Center – Detroit’s second city center where neighborhoods meet the urban core,” said Peter Cummings, executive chairman and CEO of The Platform. “MSU’s recent investments show the depth of their commitment to the City of Detroit and the New Center neighborhood in particular. We welcome them as stewards of the Fisher Building, a national treasure.”
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. Its collective presence in the motor city yields a $317 million economic impact on the region.
“Following our investment in the nearby Piquette Flats adaptive re-use affordable housing development, MSU endowment is pleased to be making an investment as a limited partner with The Platform in the Fisher Building,” said Philip Zecher, chief investment officer for Michigan State University.
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.
Since 2015, The Platform has invested more than $30 million in capital improvements, maintenance and upgrades to the 95-year-old Fisher Building to fulfill the Fisher brother’s original vision of a premiere destination for office, retail, and entertainment. The magnificent hand-painted frescos atop the three-story Arcade have been restored, building comfort and efficiency has been improved through a multi-million-dollar HVAC system installation, and the fire suppression system and elevators have been upgraded and modernized.
In addition, the building has been reactivated as one of Detroit’s premiere event venues for weddings and corporate functions as well as a tourist destination with free Saturday tours offered by building tenant Pure Detroit. More than 300,000 people annually attend “Broadway in Detroit” performances in the Fisher Theatre.
As general partner, The Platform is embarking on the next phase of building improvements which include the ongoing restoration of the façade and entrances as well as further upgrades to the mechanical systems, elevators and tenant spaces.
“The Fisher Building offers the best of both worlds -- an opportunity to work in an inspired historic setting with the modern amenities today’s businesses require,” said Clarke Lewis, vice president of development for The Platform. “Combine that with great accessibility and a vibrant, walkable community and we think the Fisher Building is well positioned in today’s market.”
One of the most recognizable buildings on Detroit’s skyline, the often proclaimed “Golden Tower of the Fisher Building” will be illuminated green to commemorate the occasion. The tower’s green terra cotta tiles are typically illuminated gold at night to reflect Albert Kahn’s original gold-leaf tiles. During World War II, the highly reflective gold was covered with asphalt material resulting in permanent damage and replacement with terra cotta tiles.
The Fisher Building was designated a National Historic Landmark in 1989 as a “superbly designed complex which displays some of the finest craftsmanship in any Art Deco style building constructed in the U.S. in the 1920s,” according to the National Parks Service.
About The Platform
The Platform is a private real estate developer founded in 2016 to drive transformational developments in the city of Detroit. Focused on good design, inclusive development and neighborhood revitalization, The Platform’s developments honor and contribute to the existing social and physical fabric of communities. The team has a legacy of successful residential, office and retail developments in both new construction and renovations. For more information about The Platform’s projects, visit www.ThePlatform.city.
About Michigan State University
Michigan State University has been advancing the common good with uncommon will for more than 165 years. One of the world's leading research universities, MSU pushes the boundaries of discovery to make a better, safer, healthier world for all while providing life-changing opportunities to a diverse and inclusive academic community through more than 400 programs of study in 17 degree-granting colleges.
About Michigan State University Federal Credit Union
Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the sixth year, a Top Workplace by the Detroit Free Press for 12 consecutive years, and a National Best and Brightest Companies to Work For® winner for seven consecutive years. MSUFCU has also been certified as a Great Place to Work® for 10 consecutive years and has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. MSUFCU is headquartered in East Lansing, Michigan; has 23 branches; nearly 350,000 members; over $7.45 billion in assets; and more than 1,100 employees. For more information, visit msufcu.org.
