University of Michigan will spend $75 million to acquire land for student housing
The University of Michigan has approved spending $75 million to acquire dozens of properties in Ann Arbor and pave the way for the second phase of its Central Campus housing project.
WEMU Radio reports that the Board of Regents has authorized the purchase of 49 private properties.
The $75 million purchase would facilitate the second phase of residence hall construction for the university, the Ann Arbor News reports. The plan calls for properties on Marshall Court and East Madison, John and South Division streets to be leveled to make room for the project.
Real estate investor and Regent Ron Weiser bought the properties to sell to the university. Weiser will not make a profit from the deal, documents assert.
The university is seeking to add thousands of student beds through the construction on Central Campus. The first phase of the plan is a $490 million, 2,300-bed residence hall to be built on the old Elbel Field.
Plans for the second phase have yet to be disclosed.
The $75 million for the land purchase comes from university reserves, documents show. The university will honor the contracts of the tenants now living in the 49 properties and will hire a property manager to continue leasing to the tenants as long as practical until the second phase's construction begins.
