DETROIT, Mich. (WXYZ) — The owners of the Fisher Building – HFZ Capital Partners, Rheal Capital Management and The Platform – are refinancing the skyscraper for $36 million to cover the costs of expansion, building improvements and more.
United Way for Southeastern Michigan recently made the building its headquarters. Other companies, such as the Children's Foundation and Total Health Care, have offices in the building. A plan from the owners indicates more than $10 million in capital expenditures and leasing costs by the end of the year, according to a press release.
Anticipated building improvements include restoring the brass entrance doors, modernizing three elevators and more. Improvements have been made recently, including a $1.4 million masonry work on the marble in the building and the restoration of the Arcade's ceiling. The building also has a new HVAC system, which brought heating and cooling to the arcade for the first time in the building's history.
The landmark has recently had more activity, from new tenants to events. A new Detroit, fashion retailer, Rachel Lutz, recently came to The Shops at the Fisher. Other stores have also moved into the concourse level.
“It’s exciting to see all the long overdue improvements made in the Fisher Building...Doing business in New Center has exceeded my expectations, and with everything in the pipeline, will only continue that trajectory,” Lutz said.
Local groups have also launched new initiatives, such as the Fourth Floor Program, based out of the Fisher Building. Through the program, the space on the fourth floor is available to be rented by local artists. The program was created by The Platform, the private real-estate company that owns and has offices in the building. A series of community events and art installations, called Beacon Projects, is also based out of the building.