Dive summary:

• Last year, a group of investors that includes Michigan native Earvin "Magic" Johnson proposed a redevelopment of the closed state fairgrounds in Detroit, and now the deal has unanimous approval from the Michigan Land Bank Fast Track Authority.
• In 2009, the state cut out the fair, and the 164-acre parcel has languished since.
• Earvin's group, Magic Plus LLC, is saying it can deliver a multi-use redevelopment that includes an Amtrak station, townhomes, housing for senior citizens and stores and offices along with theaters and restaurants.

From the article:

The $160 million proposal submitted by Magic Plus LLC, the joint venture made up of local investors Joel Ferguson and Marvin Beatty and Lansing native Earvin “Magic” Johnson, was the only one to meet minimum financial requirements, according to MLive.com. ...