Michigan Innovation Headquarters (MI-HQ) will acquire Eastern Michigan University‘s former College of Business headquarters, the Gary Owens Building, in downtown Ypsilanti. The building will be purchased for $2.6 million and will undergo an additional $10 million renovation to build an innovative shared workspace for STEM companies.
MI-HQ plans to fully renovate the 130,000 sq. ft building to provide a functional space for entrepreneurs and scientists while supporting the growth of Ypsilanti. The space is estimated to open the first quarter of 2023 and will provide 300 new jobs to the city.
“These added innovators will bring additional foot traffic to the downtown core and businesses recovering from the lack of pedestrian traffic during COVID,” said Mark Smith, president of MI-HQ. “With abundant housing stock near the building, there is a great opportunity for workers to be able to locate and walk or bike to work.”
MI-HQ will renovate the space into a modern workspace to that will include the following features:
- Free onsite parking
- Research and development wet labs
- Medical offices
- 160-seat auditorium, available to both tenants and the public
- Food truck pad
- Exterior multipurpose courtyard for events and public gatherings
- Gym, available to both tenants and the public
This is MI-HQ’s fourth location and is one of three building acquisitions planned for 2022 and 2023. The new building is located at a central point for tenants, offering easy airport and bus transportation options, as well as numerous local dining opportunities.
The building acquisition was a collaboration between Ann Arbor SPARK, Eastern Michigan University, the City of Ypsilanti, Washtenaw County, and Michigan Economic Development Corporation (MEDC).