MICHIGAN (CBS DETROIT) – The metro area is losing a staple seafood market which served Detroit for 45 years.

The Eastern Market Seafood Company is closing permanently Feb. 29.

READ MORE: Royal Oak Plans To Establish A New ‘Social District’

Its owner announced his retirement in a statement Monday and says he’s selling the building.

READ MORE: Michigan House Committee Approves Resolution To Subpoena Former Health Director Robert Gordon

According to the Detroit Free Press, the existing building will undergo renovations and is expected to remain a seafood market.

MORE NEWS: Detroit Public Schools Pause In-Person Learning Until May Amid COVID-19 Cases Spike

© 2020 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.