On Tuesday, the Michigan Strategic Fund approved a Transformational Brownfield Plan for the Future of Health, a $3 billion development coming to New Center. The incentive package comes in valued at about $231.7 million.
While the total cost of the development is $3 billion, about $2 billion of that is for a new medical tower by Henry Ford Health; that part is not receiving incentives. The $773 million portion of the project covered by this includes the Henry Ford Health + Michigan State University Research Center, just approved by the MSU Board of Regents; a six-story parking garage; new residential, including two new six-story mixed-use buildings and a conversion of One Ford Place from office to residential and commercial; plus green space. All the residential projects will have an affordable component to them.
The following statement was released by Henry Ford Health, Michigan State University, and the Detroit Pistons:
“The Michigan Strategic Fund today approved an important investment in the revitalization of Detroit and the health and well-being of its residents. Long-standing Michigan community stewards Henry Ford Health, Tom Gores and the Detroit Pistons, and Michigan State University have brought the Future of Health development forward as part of a historic partnership to turn Detroit’s New Center neighborhood into a vibrant, walkable community. Together, we will be delivering the future of healthcare with an expanded state-of-the-art hospital and cutting-edge medical research building, combined with mixed-income residential, commercial, retail and recreational components.
“Today’s approval lays the groundwork to execute the reimagination of our shared campus, creating meaningful economic opportunity and redefining what health and well-being means for the City of Detroit. We appreciate the Michigan Strategic Fund board for their support and understanding of the transformational effect this development will have on our shared neighborhood and the broader region we serve.”
The new medical research center is expected to break ground next month.
