RACER Trust Announces Sale to Wayne State University
DETROIT — RACER Trust today announced it has sold property in Detroit to Wayne State University, which will use it to support development of a $93 million Integrative Biosciences Center (iBio) in the city’s TechTown District.
The 1.4-acre paved property at 6241 Cass Avenue, formerly an auto sales lot, will provide parking for iBio, a state-of-the-art facility that is redeveloping a city block and contributing to the revitalization of Midtown Detroit.
“Wayne State University is happy to have had the opportunity to acquire this very important parcel from RACER Trust to support the anticipated growth in employment in Midtown resulting from construction of the iBio Building,” said Rick Nork, Vice President of Finance, Business Operations, and CFO of Wayne State University.
More than 400 people will work, conduct research or attend classes in the iBio, which is scheduled to open in the spring of 2015.
“The Integrative Biosciences Center will be a tremendous asset for Wayne State and all of Detroit. It’s great to see a project of this magnitude under way, and for RACER to be able to carry out its revitalization mission in support of it,” said Elliott P. Laws, of EPLET, LLC, Administrative Trustee of RACER Trust.
The RACER property is located diagonally across Cass Avenue from the iBio.