Detroit-based coworking firm Bamboo acquired the former Urban Institute for Contemporary Art building on West Fulton Street from Ferris State University for $4.5 million.
Bamboo plans on turning the nearly 40,000 square foot building into a modern coworking hub supporting entrepreneurs and small businesses, including flex office spaces, private-offices, high-tech meeting rooms, a 200-person movie theater and outdoor event venue.
This is Bamboo’s fourth location. It operates similar facilities in Detroit, Ann Arbor and Royal Oak.
Bamboo received $1.25 million in Revitalization and Placemaking funding from the state, as well as a $2.4 million loan from the State Small Business Credit Initiative to redevelop the building.
The project is expected to bring a capital investment of over $10 million. Once completed, it is expected to serve over 500 individuals and approximately 300 companies.
