The new Wayne State Univ. business school named after Red Wings Owner MIKE ILITCH "was approved by its governing board Friday," and the "state-of-the-art facility will be constructed in the heart" of the mixed-use development around the new Red Wings arena, according to Ferretti & Aguilar of the DETROIT NEWS. A $40M gift from the Ilitch family "is the largest in the university’s history and one of the top 10 gifts in the country ever given to a public business school." It "will fund the bulk" of a $50M project to construct the new school. Ilitch: "It’s really the thrill of my life. I really do love the city so much. To see my name on that building, I feel like life is starting all over again. It’s a big deal. It’s probably the biggest deal in my life." Ferretti & Aguilar noted the facility "will extend the Wayne State University campus south, into The District Detroit." The Ilitches "donated the land for the project" and $35M to build the school, along with a $5M endowment. The university "was also provided with a long-term land lease of up to 90 years at $1 per year." The new school "will be in the heart of what is envisioned as a densely populated area anchored by the new arena being built by the Ilitches." The 120,000-square-foot building "will serve more than 3,000 undergraduate and graduate students." The school "expects to raise additional money through gifts." Any remaining balance "will be covered through a university bond issue in the next calendar year." The Ilitches’ gift is part of WSU’s $750M “Pivotal Movements” fundraising (DETROIT NEWS, 10/31).
