OT: Fingerle Lumber sells to UM
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.
December 7th, 2018 at 12:09 AM ^
There was long a rumor of an outdoor swimming facility in or around the Fingerle property in the 2000s, but I'd be really surprised if it ever happened. The water problem under the property is a huge issue--there's supposedly a limit of how much/how tall of a construction project can replace what's there. Wouldn't surprise me in the least if this ended up as surface parking. Which, unfortunately, would be pretty shitty, but would fill a need, I guess.
December 7th, 2018 at 8:54 AM ^
Wow, end of an era. I have many fond memories of going to Fingerle with my dad, and more memories of going there to get materials for stuff at home or for a theater set as a teen and young adult.
Didn’t really stick out to me how strange it was that Fingerle managed to keep excelling in the modern age until I moved around. Other cities had lumber yards in central locations, too, but they all closed decades ago.
I’m sad to see it go. Not shocked, but sad.
December 7th, 2018 at 8:57 AM ^
Jeez, there goes even more tailgating/parking sports for 100,000 people.
December 7th, 2018 at 9:32 AM ^
As a former employee, I have many fond memories working there. Best of luck to all the current employees. May they find success in their next chapter the way I did. Props to the Fingerle brothers for all they did for me and the community.
December 7th, 2018 at 10:04 AM ^
A lot of football players took summer jobs there over the years. The best tailgate I ever threw was in the corner on the train tracks at Hill st. for the Braylon MSU game. We had 3 tube tv's going and a ton of people watching who left the stadium early. I needed knee surgery a couple months after that game due to my exorbitant celebration. Lots of great memories. Hope they put up something cool in its place.
December 7th, 2018 at 12:45 PM ^
I know the city and county hate the university buying all of the property because they get no tax revenue.
December 7th, 2018 at 2:32 PM ^
For Ann Arbor residents, this is bad news. That is a large parcel of land taken off the property tax rolls. Other property owners will have to make up the difference. Just like when UM bought the Pfizer property.