Ilitches to build Wayne State a new business school
A $40 million Wayne State University business school named after Mike Ilitch will be built near the new Red Wings arena, a stunning coup for the university and the billionaire Ilitch family, which aims to reshape 45 blocks near downtown. A source familiar with the plan said the new Mike Ilitch School of Business will be built at the southwest corner of Woodward and Temple. The Ilitches intend to donate the land and $35 million to build the school plus a $5 million endowment. The school will rise one block north of the state-of-the-art arena currently under construction. The business school, which may take up an entire block, will be 120,000 square feet. It’s just one in an expected string of major developments the Ilitch family may announce over the next year as it pursues its goal of creating a densely populated, stable area that could be bigger than the current downtown. Big sections of the area now are blighted or vacant. The Ilitches have committed to invest at least another $200 million for other developments in the district beyond the arena. The entire project has an estimated economic benefit of $1.8 billion, officials said. Wayne State spokesman Matt Lockwood said he couldn’t confirm the deal, but added the university was planning a special event on Friday.