New Detroit Center for Innovation location unveiled
The Ilitch organization, billionaire Stephen Ross and the University of Michigan revealed on Monday that the planned new location for their Detroit Center for Innovation will be what is currently an above ground parking lot west of the downtown Fox Theater. of Detroit.
The center will be part of a three-building campus. It will be built on what is now a four-acre parking lot between Cass and Grand River, and between West Columbia Street to the north and Elizabeth Street to the south.
The centerpiece will be a “world-class research and education center to be operated by the University of Michigan” estimated at $ 250 million and 200,000 square feet.
The campus would also have a “technology incubator” in the former Loyal Order of Moose Lodge, to be restored and expanded, 2115 Cass Ave. The third building on campus would be a 300-unit apartment complex along Cass.
The campus would also include significant green spaces, according to a press release.
Following:Apartment hunters in Detroit may find new, cheaper options near the New Center
The research and education component of the project will be fueled by a donation of $ 100 million from Ross and the contribution of land by the Ilitch organization. The inauguration is expected to take place in 2023.
A press conference on the new location is scheduled for Monday at 10:30 am.
The Detroit Center for Innovation was originally offered in 2019 and envisioned as a co-development by New York-based Related Cos. And Dan Gilbert’s real estate firm Bedrock. However, those first plans to build the center on the site of the “failing prison” off Gratiot, near the entrance to the city center, were canceled this summer and the Gilbert-Ross partnership was dissolved.
The Free Press was the first to report that the project could be resuscitated through an Ilitch-Ross partnership and involve land behind the Fox Theater. The Ilitch family owns much of this property around Fox, Comerica Park, and Little Caesars Arena.
Monday’s announcement also said that ServiceNow, a California-based software company, was planning to expand its presence in Detroit as part of the Center for Innovation project. Further details on ServiceNow’s expansion plans were not immediately available.
“As a native of Detroit, I believe it is essential that DCI has a catalytic economic and social impact on the people of Detroit. This impact will be best achieved in the Detroit District, where it will connect to existing density and trigger additional development, ”Ross, president of New York-based Related Cos., Said in a statement.
“I have immense respect for Christopher Ilitch and Olympia Development’s long-standing commitment to Detroit,” added Ross, “and I am delighted to partner with them in contributing to the vision of The District Detroit. for the well-being of our entire community. “
Chris Ilitch, President and CEO of Ilitch Holdings, said the innovation center “will increase access to opportunities for residents of Detroit, help develop and retain talent, and have social and impactful impacts. positive economic benefits throughout the city, region and state ”.
Check back to freep.com for more details on this developing story.
ContactJC Reindl at313-222-6631 or firstname.lastname@example.org. Follow him on twitter @jcreindl. Learn more about the companies and sign up for our business newsletter.