An agreement between the University of Michigan and Related Companies and Olympia Development of Michigan, developers of a residential housing building near the U-M Center for Innovation in Detroit, could mean more units for U-M faculty, staff and students.
“The University of Michigan has entered into a letter of intent with Related and Olympia to lease the entirety of the planned residential building next to the U-M Center for Innovation in Detroit on a long-term basis,” said Geoff Chatas, executive vice president and chief financial officer. “This agreement is pending approval by the U-M Board of Regents.”
The university signed the letter of intent because it expects it will need the residential units for UMCI. The residential building, which is planned to break ground this year, and an incubator space are being developed by Related and Olympia on the same block where UMCI is being constructed at the corner of Columbia Street and Cass Avenue.
Construction on the 200,000-gross-square-foot, six-story UMCI building began in December 2023, and the building is expected to open in 2027.
UMCI will be a world-class research, education and entrepreneurship center designed to advance innovation and talent-focused community development to propel city, region and statewide job creation and inclusive economic growth by stimulating economic development in Detroit.
Programming at the innovation center will offer a mixed-model approach that includes both master’s degree and workforce-development programs that will focus on technology and innovation.
