great news

Purchase price: $108 million

U-M will purchase the property “as is,” and is releasing Pfizer from all pre-closing conditions, including environmental conditions. U-M also will assume responsibility for environmental issues, up to $12 million, should any be present. U-M will have an opportunity to perform extensive due diligence before closing on the property, including a comprehensive assessment of Pfizer’s records and actual environmental condition of the entire site.

Anticipated jobs created: 2,000 faculty and staff positions during next 10 years; potential in time to replace or exceed jobs lost when site was vacated.

Location: South of Plymouth Road in northeast Ann Arbor, bordering U-M North Campus

Total acreage: 173.5 acres

Number of land parcels: 4 (straddling Huron Parkway, with a tunnel between)

Number of buildings: 30

Number of gross square feet: 1.97 million

Number of gross square feet of research space: 1.3 million

Number of gross square feet of office space: 420,000

Occupancy: Can begin late 2009, expected to be completed in 2018. 
If U-M began planning a new biomedical research building of comparable size today, the earliest it would be occupied is 2014.

Parking: approximately 1,500 existing spaces

Job growth within U-M Health System: historically 400-500 jobs annually; While the Health System will continue to create jobs, it is expected that the growth will slow to 300-400 jobs annually.

Current U-M research budget: $876 million in research expenditures in FY 2008
Fifth-largest research university in nation
Market share of NIH funding is growing despite a competitive funding climate

In 2008: Licensed 13 new startups; 306 new inventions disclosed; 144 patent applications; all-time high of $25 million in tech transfer revenue.

Economic impact of University Research Corridor institutions (U-M, Wayne State, Michigan State): $13.3 billion per year (including 69,285 jobs); educated more students than any other U.S. R&D cluster; Research universities accounted for 94 percent of federal academic research dollars into Michigan.