Detroit by Drone: Fisher Body project costs grow
The news has been quiet when it comes to the redevelopment of the Fisher Body Plant.
So here's the latest on one of the city's most prominent eyesores, still planned for new use with 435 apartments and commercial spaces.
Catch up quick: The six-story, 600,000-square-foot auto plant built in 1919 has been empty since the mid-'90s.
- The behemoth of a project announced in March 2022 has a Black-led development team, Gregory Jackson (Jackson Asset Management) and Richard Hosey (Hosey Development), alongside Lewand Development.
- It went through the city's community benefits agreement process that spring and summer, committing to things like a $500,000 community fund, sharing airborne contaminant plans and other information with residents, and giving Detroiters first run at jobs and affordable housing.
- The developers faced criticism from Detroit People's Platform about building "luxury" housing using public subsidies.
What's happening: The project cost has gone up about $10 million since the initial estimate of $135 million, co-developer Hosey tells Axios.
- Hosey says his team is speaking with potential subcontractors right now, focusing on smaller companies led by local people of color and women.
- Fifty of them did a walk-through at the site last week — an important visual component of historic rehab so that contractors can better understand the property and "sharpen up their bid," he says.
What's next: The Fisher Body developers' "complex financing structure" is still being finalized, a Detroit Economic Growth Corp. spokesperson tells Axios.
- The city plans to close on selling the property to the developers this fall.
- Hosey expects major construction to start next year.
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