Flint's new entrepreneurship hub opened Monday after a $7.5 million build-out and ribbon cutting that drew hundreds to the once-abandoned Ferris Building downtown.

Flint Ferris Wheel Innovation Center now occupies 615 S. Saginaw St., a seven-story art deco building boasting 50,000 square feet of space on the city's main red-brick drag.

The building's owner, business mogul Phil Hagerman, spearheaded the renovation through SkyPoint Ventures LLC, his venture capital and real estate firm. It was boosted by a $1.5 million grant from the Michigan Economic Development Corp. and support from a community coping with a water crisis and keen on seeing investment in the struggling city.