‘Magic' Johnson and other investors to develop Michigan State Fairgrounds

(WXYZ) - "Magic" Johnson and other investors are on track to develop the Michigan State Fairgrounds, according to Detroit businessman Marvin Beatty.

Their investor group, Magic Plus, garnered approval from the Michigan Land Bank Fast Track Authority to begin negotiations on the possible development of a 157 acre plot of land into a luxury theater and entertainment complex with retail and senior housing, according to Beatty.

Along with Johnson and Beatty, Michigan State University Trustee Joel Ferguson is also part of the group that is planning the new development.

Beatty says this will be a great thing for the city of Detroit.

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