Last year, demo started on a prominent property in Troy. The former Kmart headquarters sits across from Somerset Mall, at Big Beaver Road and Coolidge Highway. Now, the University of Michigan plans to build on it.
This week, the U-M Board of Regents voted to purchase 7.28 acres of land at the site to build a new medical facility. The land will be purchased for $4.42 million from owner Forbes/Frankel Troy Ventures LLC.
The facility will increase access for multi-specialty and diagnostic services in the region.
Construction should start next year, completing in 2027.
“We are thrilled to announce our plans for a long term presence and commitment to patients in Oakland County, in keeping with our efforts to create a statewide network of care that allows Michiganders the ability to receive our world class care close to home,” said Marschall S. Runge, M.D., Ph.D., CEO of Michigan Medicine, dean of the U-M Medical School and executive vice president of medical affairs for the University of Michigan."
Runge says this is part of the university's plan for a bigger presence in the region.
The site has changed hand a few times in the last two decades. The property sold to investors in 2006 for $41.5 million, then to Forbes for $17.5 million in late 2009.
