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Regents green-light stadium project>
Stephen M. Ross, founder and CEO of Related, one of the nation’s premier real estate development firms, has provided a $5 million gift for the Michigan Stadium expansion project.
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“The stadium project preserves the historic bowl while adding important enhancements that improve the game day experience for all fans,” says Athletic Director Bill Martin. “The addition of new restrooms, elevated concourses, concessions and accessible seating are integral elements, and the generous support of Steve Ross and others allows the University to advance this project.”
The Board of Regents June 21 authorized the University to solicit and let bids for the $226 million project. See related story on page 1.
“Michigan Stadium and game day play an important role in creating a sense of campus community. The stadium helps to keep students, alumni and fans connected to our University,” Ross says. “I’m delighted to be supporting a project that improves the stadium and puts it in a position to serve the Michigan community for future decades.”
The gift expands on Ross’ history of noteworthy giving to the University. In 2004 he donated $100 million to the Business School, the largest gift in U-M’s history. The school was named the Stephen M. Ross Business School in recognition of his gift.
Ross also provided a $5 million lead gift to create the Stephen M. Ross Academic Center, which provides study space on the athletic campus. Additional gifts include $1 million for an endowed professorship at the Business School, $50,000 to LSA for the Henry Pearce Endowed Scholarship and scholarship support for student athletes. The stadium gift is part of The Michigan Difference, the University’s $2.5 billion fundraising campaign.
Ross, who earned his degree in accounting from the Business School, is founder, chairman and chief executive officer of Related, developer of the $1.7 billion, 2.8 million-square-foot Time Warner Center on Columbus Circle in New York City. Today, the company includes over 2,000 professionals who oversee a real estate portfolio valued in excess of $15 billion, making it one of the most prominent real estate developers in the country.
