University of Michigan Acquires Historic Harris Hall

News Summary

The University of Michigan has received approval from the Board of Regents for the acquisition of Harris Hall and a nearby property. The purchase of Harris Hall, a historic building located at 617 E. Huron Street, will cost $4.1 million, with plans for a closing by May 1. Additionally, the university is set to acquire a house at 403 Church Street for $2.1 million. These acquisitions are part of the university’s efforts to expand its operational space and enhance facilities for its community.

Exciting Acquisition News for the University of Michigan!

In a thrilling update for the University of Michigan community, the Board of Regents has just given the green light for the acquisition of Harris Hall located at 617 E. Huron Street. This important decision was announced during a meeting held on February 20, marking a significant step for the university as it aims to expand its operational space.

A Glimpse into Harris Hall’s History

Harris Hall isn’t just any building; it carries with it a fascinating history. Built back in 1886 or 1887, this stunning 8,500-square-foot structure is listed on the National Register of Historic Places in both Washtenaw County and Michigan. Over the years, it has served a variety of purposes – from a lively student center to a cozy parish hall. Right now, it is providing valuable office space but is set to enter a new chapter under the university’s care.

What’s the Price Tag?

The total purchase price for this iconic building is set at $4.1 million, and the university aims for a tentative closing date by May 1. Given that there’s an existing lease for Harris Hall that expires on May 31, this timing is ideal for the university to transition seamlessly into its new property.

More Properties in the Mix

403 Church Street, with a purchase price of $2.1 million. This property acquisition is on a fast track as the tentative closing date is set for February 21. The university plans to maintain the existing lease for the Church Street property in the near term, ensuring a smooth continuation of its use.

Tax Implications

$78,000 in property taxes last year. Meanwhile, the owners of the Church Street property paid over $13,600. It’s worth noting that the University of Michigan itself does not pay property taxes due to its status as a tax-exempt institution. This could mean potential savings for the university as it looks to invest in and improve these historic properties.

What’s Next?

These acquisitions are contingent upon the university completing its due diligence and confirming the environmental condition of both properties. The funds to finance these purchases are coming from bond proceeds, ensuring that the university can make this investment without putting a strain on its operational budget.

A Bright Future Ahead

So, here’s to celebrating yet another milestone for the University of Michigan as it continues to grow, expand, and enrich the lives of its students, faculty, and the entire Ann Arbor community. Stay tuned for more updates on how these new acquisitions will shape the future of the university!

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Author: HERE Plymouth