By Cryss Walker

(CBS DETROIT) – A $75 million dollar transformation is coming to a vacant structure downtown.

An African American led development team is turning an 18-story skyscraper into an apartment building.

READ MORE: Michigan Announces $1.5 Million Tuition Giveaway, 100 Children To Receive $15,000

“This group of individuals is so talented that if anybody could pull this off it is these guys,” said Mayor Mike Duggan.

The historic united artists building will soon become Residences @ 150 Bagley.

Thursday Mayor Mike Duggan made the announcement along with the Bagley Development Group, Downtown Development Authority and numerous business leaders.

“This is a project that we started back six years ago and it’s a team effect not an individual effect,” said Emmet Moten of the Bagley Development Group.

Residences @ 150 Bagley will house 148 market rate and affordable apartments.

READ MORE: AAA Offers 'Tow To Go' Program During Memorial Day Weekend

The plan is to create one- and two-bedroom units and mixed-use space for retail and dining.

“We celebrate continued commitment to preserving Detroit’s history and creating new opportunity,” said Christopher Ilitch, President and CEO of Ilitch Holdings, Inc.

The building was built in 1928 and has been vacant for almost 50 years.

“When my father became mayor, one of his visions was to make sure that we had African American participation,” said Detroit City Councilmember Coleman Young, Jr.

“There’s a great quote that says that from the Detroit Women’s Club, its called lifting while we climb and when my father was mayor it wasn’t enough for him to just be successful, he wanted to lift as many people as he possibly can and what these gentlemen have done here represents that fruition and that vision and that legacy for the next generation.”

The project is scheduled to be complete in late 2023.

MORE NEWS: Holiday Travel And Gas: What To Expect At The Pump

© 2022 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.