Ilitch family to give $40M for new WSU business school
The Ilitch family plans to donate land and cash worth $40 million for a new Wayne State University business school near downtown Detroit, the largest single gift in the university’s history, according to a person familiar with the family’s plans. The landmark donation will include $35 million to build the school plus a $5-million endowment, according to this person, who was not authorized to speak publicly about the plans. The building would be located near the family’s new Red Wings arena under construction on Woodward Avenue north of downtown Detroit and south of the university’s main Midtown campus, the person said. The building would be located on the southwest corner of Woodward and Temple Street. It would be the university's first new construction for its business school outside of the university’s Midtown campus. It was unclear how quickly construction would begin, but the school is expected to be completed by 2018. The school would be renamed the Mike Ilitch School of Business for its largest benefactor, according to the person familiar with the family's plans. An official announcement could come as soon as this week, two sources said. The Ilitches’ gift would be part of Wayne State’s $750-million fund-raising campaign. In 2014, the Ilitches donated $8.5 million to the Wayne State University surgery department to aid innovation at its medical school.