The Freighthouse is a 125-year-old Depot Town landmark, built alongside the railroad tracks to handle freight for the Michigan Central Railroad. The City of Ypsilanti purchased the Freighthouse in 1979, and it housed the Ypsilanti Farmer's Market for 25 years.

In 2004, the City closed the Freighthouse, both because their insurers feared the building's collapse and had withdrawn coverage and because the City did not have money to pay for needed capital improvements or ongoing maintenance.

A non-profit group, the Friends of the Ypsilanti Freighthouse took over the management of the Freighthouse in January 2005, and have been raising money to pay for needed improvements. As of March 2006, the group had raised $31,000 in donations and qualified for a $25,000 grant from the Michigan State Historic Preservation Office, and hope to make repairs in time to reopen the Freighthouse in early summer of 2006. In the meantime, the Farmer's Market will meet outside of the Freighthouse.

In 2008, the FOYF signed a five-year management agreement with this City of Ypsilanti. This agreement establishes the Friends' mandate to preserve, restore, maintain, and operate this historic landmark.