The University of Michigan will have more flexibility to pursue strategic partnerships and support College of Engineering activities thanks to two upcoming land purchases.
The Board of Regents on Oct. 19 authorized the university to buy 8.6 acres at 3520 Green Court in Ann Arbor for $6.65 million and 51 acres on North Dixboro Road in the Ann Arbor Tech Park in Ann Arbor Township for $8 million.
The land on Green Court is located across from buildings and property the university already owns off Green Road. There is a 114,200-square-foot office building on the site.
In recommending that U-M acquire the parcel, Geoff Chatas, executive vice president and chief financial officer, wrote that it will provide significant space for key activities of the College of Engineering and other academic units.
Those activities include the Michigan Mobility initiative, collaborative research centers, and administrative and support activities. There also will be flexible space to accommodate future renovations.
College of Engineering resources will be used to fund the purchase. The closing is tentatively scheduled for December. Existing tenants will be allowed to stay until the completion of their leases.
The North Dixboro Road site is vacant and borders U-M property. It will provide the university with greater flexibility to pursue strategic partnership opportunities in research and development with outside companies, Chatas said.
University reserves will be used to buy the site. The tentative closing date is also scheduled for December.
Both purchases are subject to university officials completing due diligence and determining that the environmental condition of the properties is satisfactory.