University of Michigan Approves 40-Year Lease on Detroit Residential Tower

The University of Illinois Urbana-Champaign has purchased a 32,000 square-foot three-story building near its campus to accommodate the Carle Illinois College of Medicine and other units, expanding its facilities to meet growing space needs. Meanwhile, the University of Michigan is entering a 40-year lease for a new 13-story, 235,000 square-foot residential tower in Detroit adjacent to its under-construction Center for Innovation (UMCI). This residential tower, part of the $1.5 billion District Detroit project, will provide 313 apartments for students, faculty, and visiting scholars, fostering a dynamic ecosystem for innovation and economic development. The UMCI building is set to open in 2027, with the residential tower following in 2028, supporting programs focused on technology, innovation, and workforce development. The development is a collaboration between Related Companies and Olympia Development of Michigan and reflects a long-term commitment to Detroit's revitalization. Although originally planned as an 18-story building with fewer units, the project was revised to 13 stories and 313 units, with significant taxpayer subsidies involved.