Magic Johnson Firm Agrees To Buy Detroit Fairgrounds Land
DETROIT (AP) - A company with ties to former NBA star Magic Johnson plans to redevelop property at the old Michigan Fairgrounds in Detroit.
Magic Plus LLC is buying about 16 acres (6 hectares) for just over $29,500 per acre from the Michigan Land Bank Fast Track Authority. The authority's board also approved Detroit's separate $7 million proposal for 142 acres (57 hectares) at the site.
Magic Plus principal Joel Ferguson declined to give project details, but he says Johnson "always wanted to be part of making something happen in Detroit."
Johnson led Michigan State University to the 1979 college basketball championship before a Hall of Fame career with the Los Angeles Lakers. In 2011, he joined a venture capital firm in Detroit and said he would invest in the city.
Detroit is looking to redevelop the fairgrounds property. The state fair was held there through 2009 before losing state funding due to declining attendance.