Located on 20 acres area along the St. Clair River, the Marysville plant generated around 167MW of electricity when operations stopped.
The facility, which was operated from 1922 to 2001, was released for decommissioning in 2011.
DTE vice chairman and chief administrative officer Dave Meador said, "DTE Energy has worked diligently to ensure that the sale of this important property is in the City of Marysville’s best interest for future development."
Commercial Development anticipates the site to be ready for development in about 18 months.
Commercial Development Company CEO Randall Jostes said, "In the days ahead we will be meeting with city officials, the community and other stakeholders in order to develop a vibrant roadmap concerning the future of the site."
Both the firms did not disclose the financial terms of the transaction.
