Detroit to pay $7 million for 90 percent of state fairgrounds site
The Michigan Land Bank Fast Track Authority board has agreed to the sale of nearly 90 percent of the former Michigan state fairgrounds site to the city of Detroit for redevelopment.
The city would purchase 142 acres for $7 million, pending approval from the Detroit City Council. Magic Plus LLC would purchase 16 acres of it along Woodward Avenue in two noncontiguous parcels, according to a Wednesday news release.
Half of the city’s $7 million purchase price would be paid up front, while the remainder would be paid once it’s redeveloped.