Dec 6, 2018: The University of Michigan will acquire 6.54 acres of land from Fingerle Lumber for the agreed-upon purchase price of $24 million.
The property is strategically located adjacent to the university’s Coliseum, along South Fifth Avenue, south of East Madison Street. There are three parcels on South Fifth Avenue, East Madison Street and John Street.
The Board of Regents approved the purchase Thursday.
“Fingerle was looking to wind down its business and as part of that, they had value in land and an opportunity to sell,” says Hank Baier, associate vice president for facilities and operations. “No specific use for the property has yet been determined.”
There are numerous warehouse-type buildings on the property, none of which are well suited for long-term university use.
Fingerle owners announced its plans to close down operations earlier this month. The company has a sales center and hardware store at 617 S. Fifth Ave., across from its lumber yard by the Ann Arbor Railroad tracks, and a product showcase at 214 E. Madison St.
As part of the sales agreement, Fingerle would lease the facility back from the university through the end of 2019.
A tentative closing on the purchase has been set for March 31, 2019.