cleanface coney
Superstar
http://www.crainsdetroit.com/articl...hnson-group-okd-for-state-fairgrounds-project
The Michigan Land Bank Fast Track Authority board voted Thursday to enter negotiations with Magic Plus LLC the group of investors that includes Earvin "Magic" Johnson on a proposed redevelopment of the Michigan State Fairgrounds property.
Kim Homan, executive director of the Michigan Land Bank, said there is no time frame for concluding the negotiations on the development agreement that will ensure the property at Eight Mile Road and Woodward Avenue is successfully developed.
"We want to be careful, professional and respectful to all parties involved," she said.
The land bank board would still have to vote after a final development agreement is reached to transfer the ownership of the state fairgrounds property to Magic Plus.
The board's decision comes after a review in which the $120-million proposal was vetted to make sure Magic Plus has the financial capacity and expertise to complete a proposed 500,000-square-foot redevelopment at the 157-acre property . The fairgrounds have been closed since 2009.
It costs the state which assumed ownership of the fairgrounds last year more than $1 million annually to maintain and secure the property.
"The revitalization of this blighted property will help create jobs and have a sustained, positive economic impact on Detroit and the entire region," Michigan Land Bank board chairwoman Deborah Muchmore said in a news release.
Along with former NBA and Michigan State University star Johnson, the other Magic Plus investors are Marvin Beatty, chief community officer for Greektown Casino, and Joel Ferguson, chairman of the MSU Board of Trustees and owner of Lansing-based Ferguson Development LLC.
The proposal by Magic Plus would keep several notable structures at the site, such as the Coliseum, the Joe Dumars Fieldhouse, the Dodge Automotive Pavilion and the original band shell.
The project would also include retail, mixed-use and residential development, as well as plans for a train station.
The other proposals for the site included:
■A Michigan Energy Technology Agriculture plan from the State Fairgrounds Development Coalition that would have included bus and rail transit, a technology campus, mixed-use and residential development and an expo center.
■Inter-County Citizens Achieving Regional Excellence, a plan calling for the fairgrounds site to be used for a high school agricultural education program, as well as a year-round farm.
Magic Johnson joining Detroit investment effort - BusinessWeek
Hall-of-Fame basketball player turned businessman Earvin "Magic" Johnson said Thursday joining a Detroit venture capital company that includes Quicken Loans founder and chairman Dan Gilbert is "the right opportunity" to invest in the largest city of his home state.
The ex-NBA star and Lansing native will be a general partner in Detroit Venture Partners, an early stage venture capital firm launched by Gilbert and two others last year that targets technology startups and growing them in Detroit. Johnson said he's "writing a big check" to the firm worth millions, but declined to say exactly how much.
"I tried to do businesses here with the mayors before to bring my theaters here -- it didn't work out," Johnson told reporters after a news conference in Detroit. "Now, with Dan, I've now found the right opportunity ... and the right partner."
Johnson said he's also looking at buying downtown Detroit buildings with Gilbert through Johnson's real estate fund, which he said has $1 billion in cash.
"This is a tough time for the state, but we're going to make a comeback ... one investment at a time," Johnson said.
Gilbert, who also owns the Cleveland Cavaliers, has recently bought or plans to buy several properties in Detroit's main business district. Last year, he moved the headquarters of his online retail mortgage lender downtown from a suburb and is actively courting others to follow suit.
Johnson said he will spend a good deal of time in Detroit, but trusts leaving the daily operations to Gilbert and the firm's two other partners, chief executive Josh Linkner and Brian Hermelin.
After speaking, Johnson introduced Mayor Dave Bing, another professional basketball Hall of Famer who started his own successful automotive companies after retiring from the hardcourt. Johnson choked up as he described Bing as his "mentor, hero" and "friend."
"The only reason I'm a businessman is because of Bing Steel," said Johnson, whose portfolio has included Starbucks locations, movie theaters, health clubs, restaurants and other retail holdings. "(Bing) knows he's had a great impact on my life."
Bing said he's impressed by Detroit Venture Partners' commitment to a city that's drastically lost population and business investment during the last few decades.
"Because of the vision and foresight of these men ... we're going to see something very different in this city," he said.
Johnson, who regularly returns to Michigan to see family, said he will spend a good deal of time in Detroit, but trusts leaving the daily operations to Gilbert and the firm's two other partners, chief executive Josh Linkner and Brian Hermelin.
So far, Detroit Venture Partners has invested in six startups, five of which are based in Detroit or the surrounding area. Linkner said the firm will invest up to $3 million per company and plans to make at least a dozen investments per year.
"We're on a mission to transform Detroit into a tech hub," he said. "This region was vastly underserved from a venture capital standpoint
The Michigan Land Bank Fast Track Authority board voted Thursday to enter negotiations with Magic Plus LLC the group of investors that includes Earvin "Magic" Johnson on a proposed redevelopment of the Michigan State Fairgrounds property.
Kim Homan, executive director of the Michigan Land Bank, said there is no time frame for concluding the negotiations on the development agreement that will ensure the property at Eight Mile Road and Woodward Avenue is successfully developed.
"We want to be careful, professional and respectful to all parties involved," she said.
The land bank board would still have to vote after a final development agreement is reached to transfer the ownership of the state fairgrounds property to Magic Plus.
The board's decision comes after a review in which the $120-million proposal was vetted to make sure Magic Plus has the financial capacity and expertise to complete a proposed 500,000-square-foot redevelopment at the 157-acre property . The fairgrounds have been closed since 2009.
It costs the state which assumed ownership of the fairgrounds last year more than $1 million annually to maintain and secure the property.
"The revitalization of this blighted property will help create jobs and have a sustained, positive economic impact on Detroit and the entire region," Michigan Land Bank board chairwoman Deborah Muchmore said in a news release.
Along with former NBA and Michigan State University star Johnson, the other Magic Plus investors are Marvin Beatty, chief community officer for Greektown Casino, and Joel Ferguson, chairman of the MSU Board of Trustees and owner of Lansing-based Ferguson Development LLC.
The proposal by Magic Plus would keep several notable structures at the site, such as the Coliseum, the Joe Dumars Fieldhouse, the Dodge Automotive Pavilion and the original band shell.
The project would also include retail, mixed-use and residential development, as well as plans for a train station.
The other proposals for the site included:
■A Michigan Energy Technology Agriculture plan from the State Fairgrounds Development Coalition that would have included bus and rail transit, a technology campus, mixed-use and residential development and an expo center.
■Inter-County Citizens Achieving Regional Excellence, a plan calling for the fairgrounds site to be used for a high school agricultural education program, as well as a year-round farm.
Magic Johnson joining Detroit investment effort - BusinessWeek
Hall-of-Fame basketball player turned businessman Earvin "Magic" Johnson said Thursday joining a Detroit venture capital company that includes Quicken Loans founder and chairman Dan Gilbert is "the right opportunity" to invest in the largest city of his home state.
The ex-NBA star and Lansing native will be a general partner in Detroit Venture Partners, an early stage venture capital firm launched by Gilbert and two others last year that targets technology startups and growing them in Detroit. Johnson said he's "writing a big check" to the firm worth millions, but declined to say exactly how much.
"I tried to do businesses here with the mayors before to bring my theaters here -- it didn't work out," Johnson told reporters after a news conference in Detroit. "Now, with Dan, I've now found the right opportunity ... and the right partner."
Johnson said he's also looking at buying downtown Detroit buildings with Gilbert through Johnson's real estate fund, which he said has $1 billion in cash.
"This is a tough time for the state, but we're going to make a comeback ... one investment at a time," Johnson said.
Gilbert, who also owns the Cleveland Cavaliers, has recently bought or plans to buy several properties in Detroit's main business district. Last year, he moved the headquarters of his online retail mortgage lender downtown from a suburb and is actively courting others to follow suit.
Johnson said he will spend a good deal of time in Detroit, but trusts leaving the daily operations to Gilbert and the firm's two other partners, chief executive Josh Linkner and Brian Hermelin.
After speaking, Johnson introduced Mayor Dave Bing, another professional basketball Hall of Famer who started his own successful automotive companies after retiring from the hardcourt. Johnson choked up as he described Bing as his "mentor, hero" and "friend."
"The only reason I'm a businessman is because of Bing Steel," said Johnson, whose portfolio has included Starbucks locations, movie theaters, health clubs, restaurants and other retail holdings. "(Bing) knows he's had a great impact on my life."
Bing said he's impressed by Detroit Venture Partners' commitment to a city that's drastically lost population and business investment during the last few decades.
"Because of the vision and foresight of these men ... we're going to see something very different in this city," he said.
Johnson, who regularly returns to Michigan to see family, said he will spend a good deal of time in Detroit, but trusts leaving the daily operations to Gilbert and the firm's two other partners, chief executive Josh Linkner and Brian Hermelin.
So far, Detroit Venture Partners has invested in six startups, five of which are based in Detroit or the surrounding area. Linkner said the firm will invest up to $3 million per company and plans to make at least a dozen investments per year.
"We're on a mission to transform Detroit into a tech hub," he said. "This region was vastly underserved from a venture capital standpoint
Magic
