Magic Johnson (Photo by Neon Tommy)
Magic Johnson (Photo: Neon Tommy)
Earvin "Magic" Johnson's development company has closed the deal on the purchase of 16-acres of property at the Michigan State Fairgrounds for $472,464, The Detroit News reports.
The Michigan Land Bank announced the transaction Monday and said the city of Detroit is expected to close on its purchase of the remaining 142 acres of the fairgrounds later this month for about $7 million.
"I’m proud of the collaborative work we’ve done with Magic Plus and the city of Detroit to bring new jobs and economic opportunities to the community,” Land Bank Director Josh Burgett said in a statement. “The State Fairgrounds is one of the largest developable properties in Detroit, and we’re excited for the economic prosperity this brings to their community and Michigan taxpayers.”
