Stephen Ross's Detroit Center for Innovation received a boost from the state overnight. The $250 million development for the University of Michigan received $100 million earmarked in the state budget.
With an additional $100 million from Ross himself, the development seems on target to start construction next year. The construction will be led by Ross's Related Companies, then gifted to the University of Michigan.
The Detroit Center for Innovation will focus on high-tech research and provide classes in late undergrad and graduate courses, with degrees awarded through the Ann Arbor campus. The Center will also be a place of collaboration with businesses.
While UofM and Related have yet to release a statement, the Business Leaders for Michigan applauded the investment by the state. “Business Leaders for Michigan also celebrates the $100 million for the Detroit Center for Innovation, the result of a partnership between Related Companies, Olympia Development of Michigan and the University of Michigan. This world-class research, education and entrepreneurship center – and more like it – are key for keeping our economy competitive on the global stage."
Last month, Related Companies and Olympia Development released renderings showing their vision for the district around the Detroit Center of Innovation. Ross thinks the DCI will boost development in the area, including hotels, new residential, new office buildings, and retail.