A $33 Million Gift to the Law School today wasn't the only big transaction involving UM today. The UM Regents approved the puchase of the Fingerle property for $24 Million. Besides being an Ann Arbor institution,the Fingerle land was the site of some great football tailgating. From Mlive:
ANN ARBOR, MI - Just one week after Fingerle Lumber announced it was planning to close after more than 87 years of business, the University of Michigan’s Board of Regents approved the purchase of land owned by the business.The Board of Regents approved the purchase of 6.54 acres of land for $24 million. A closing date has been set for prior to March 31, 2019.
UM will have 90 days to complete due diligence on the property. The current owner intends to enter into a lease with the university, concurrent with the sale, that would allow it to continue to operate at the location along South Fifth Avenue, south of East Madison Street until Dec. 30, 2019. The university would receive a negotiated monthly rent for use.
The university’s future use of the property is yet to be determined, UM Chief Financial Officer Kevin Hegarty said.
“Its acquisition will provide a future opportunity for the expansion of Central Campus,” Hegarty said.
The three parcels of land include warehouse buildings, none of which are suited for university use, UM noted.