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Detroit — Eastern Market Seafood Company, a longtime family-owned business in the market, is closing after 45 years.

Owner John Janevski is retiring and ending operations at 2456 Market on Feb. 29.

Janevski said he had been thinking about retiring for years and had attempted to sell the building for more than a year. The sales price was not disclosed. 

The building's new owner is developer Sanford Nelson's FIRM Real Estate, which plans to renovate the 5,000-square-foot-space to house another seafood business. 

“I am happy they will update the building with renovations the floor and facade really need before bringing in a new owner to run a similar seafood company,” Janevski said in a statement Monday.

FIRM Real Estate says it plans to renovate the building and bring it up to current safety and building code standards. That could take about six months.

The second floor of the building, unused for 40 years, will likely be used for food production and event space, according to the developer.

“Our goal is to make much needed renovations to preserve this property and ensure that the seafood business lives on to serve the community,” said Nelson. “Our vision is to bring these deteriorating properties up to a safe state for new tenants.”

Nelson, who owns about 20 properties in Eastern Market, is also making renovations to the former Eastern Market Antiques building at 2530 Market. That collective of antique dealers recently moved to a building Nelson owns around the corner on Division. That business has rebranded itself as Vintage Eastern Market. 

cwilliams@detroitnews.com

Twitter: @CWilliams_DN

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