Stephen Ross Commits $100 Million for Detroit Center for Innovation

Stephen Ross Commits $100 Million for Detroit Center for Innovation

The Detroit Center for Innovation, a high-tech research, education, and innovation hub to be located in downtown Detroit, has announced a $100 million commitment from Stephen M. Ross, chair of Related Companies, which is developing the center in partnership with Bedrock, a commercial real estate firm based in Detroit.

Announced last fall, the center will be anchored by a $300 million, 190,000-square-foot research and education center for University of Michigan seniors and graduate students pursuing advanced degrees in mobility, artificial intelligence, data science, entrepreneurship, sustainability, cybersecurity, financial technology, and other in-demand fields. The gift from Ross — the details of which were not disclosed in October — will help fund construction of the multi-building complex on the fourteen-acre site of a former Wayne County jail. In addition to the U-M building, the initial phase of the project will include the creation of incubator and start-up services for entrepreneurs, collaboration space for established companies, residential units, a hotel, and a conference center and event space.

"This project could not be possible without the foresight and partnership of the City of Detroit, Wayne County, [U-M president] Mark Schlissel, and Stephen Ross," said Quicken Loans founder and Bedrock founder and chair Dan Gilbert, who has made a leadership gift to the project. "Together, we will strive to create a true centerpiece of the city — one that serves a higher purpose. This innovation center will create exciting opportunities as one of the city's technology hubs well into the future, attracting employers, talent, and technology."

"Detroit has always been an incredible place of innovation and opportunity, and the Detroit Center for Innovation will usher the city into a new era of leadership in technology," said Ross. "This gift is a symbol of progress and momentum in Detroit, and I am incredibly proud to advance this transformative project. My time at the University of Michigan was foundational for my life and career, and I hope the students who come here seize the opportunity to make a difference and make an impact here in Detroit and across the country."

(Image credit: Detroit Center for Innovation)

"Stephen M. Ross Announces $100 Million Gift to Launch Construction of the Detroit Center for Innovation." Detroit Center for Innovation Press Release 02/21/2020.