The Tonight Show with Jay Leno - Season 22*Earvin ‘Magic” Johnson, former star for Los Angeles Lakers and Michigan State, is a part of the investment group that just bought the former site of the Michigan State fairgrounds.

On Wednesday, the purchase agreement was approved by Michigan’s Land Bank Fast Track Authority in which Magic Plus, LLC, in partnership with developer REDICO purchased the 157 acres along with the city’s northern border with Oakland County for $4.6 million.

REDICO President and CEO Dale Watchowski called it a “conceptual” project which includes an investment of up to $160 million in shops, restaurants, multi-family housing, single-family housing, senior living facilities, a medical office, entertainment venues, a transportation hub and open green spaces.

This will also include more than 1 million square feet of new construction, but must first go through a 90-day inspection period of the site and refinement of proposal plans. REDICO stated in their news release that the plan is expected to have a formal closing on or before Jan. 15, 2015.

“This important real estate development project has been in the works for more than a year and it will take more time to obtain input from the community and alliance partners to develop this historic site into its highest and best use for the residents of Detroit,” Watchowski said.

The development could also include a multi-screen movie theater, according to Joel Ferguson, a Michigan State University trustee and managing partner of Magic Plus LLC.

“We are proud to be part of the rising hopes and great promise that is the gateway to Detroit,” said Ferguson.

Outside of new investment deals, Magic Johnson is still very much into sports. As a partial owner of the Los Angeles Dodgers, the former basketball star has made an interesting bet for the MLB playoffs.

During his interview with “The Tonight Show,” Johnson told Jay Leno that if the Dodgers win the World Series for the first time since 1988, he will wear a Dodgers Speedo.

Watch the interview below: