4th Floor
The Fisher Building is celebrated as the ‘largest art object’ in Detroit, built by masterful architects, artists, and artisans in 1928 and designated as a historic landmark 60-years later. The 4th Floor is one of 29-stories in the building, dedicated exclusively to emerging creatives in honor of its creative legacy. Vacant units, originally home to dentist and doctor offices, were transformed into white-boxed studios for creatives to grow their practice at a prominent address in a beautiful setting. Lease terms and insurance requirements were accessible and transparent. The 4th Floor diversified the Fisher Building’s tenant mix for the first time in its history with fine artists, designers, performers, filmmakers, podcasters, gallerists, and art therapists together on a single floor, cultivating new opportunities, events, services, and collaborations.
What it is.
The 4th Floor is what happens when inspiring space is paired with talented people and potential opportunity. Rather than being deterred by what wasn’t possible, the 4th floor was born from what was possible. Units were difficult to lease in their original form and historic tax credit requirements prevented big alterations. The conventional solution: find a creditworthy tenant to lease the entire floor; the unconventional solution: reimagine an alternative. This alternative focused on including people historically excluded. As a result, 30 creative practices collectively earned nearly $300 in additional revenue, hired 11 new staff, added 300 pieces to their portfolios, grew 295 collectors and clients, and reported almost 20,000 new social media followers in a single year. In that same time period, the total cost of renovation was recouped and occupancy grew by 22%.
Why it matters.
Website
Date
3-years, 2017-2020
People
41 creative tenants
Place
Fisher Building, Detroit, Michigan
Team
10+ people: The Platform (ownership and development); Redico (building management); PCI One Source (construction); Andrea Designs (visual storytelling)
Client
The Platform
Investment
$110,000 renovation