Backed by two historic donations coming from two prominent alumni—Charles Munger and Stephen Ross—the University of Michigan (U-M) has embarked on a veritable building spree. The university’s Board of Regents recently approved the design plans for a new apartment-style residence hall located at its Ann Arbor campus at the intersection of South Division and Packard Streets.
Built at a cost of $185 million, of which $100 million were granted earlier this year by Berkshire Hathaway Vice Chairman and philanthropist Charles Munger, the 370,000-square-foot structure will rise on a 0.4-acre site that consists of several university-owned properties awaiting demolition and a 118-space parking lot, according to MLive.com.
The eight-story facility was designed by Hartman-Cox Architects and Integrated Design Solutions and Munger himself as a LEED Silver-certifiable, state-of-the-art residential/academic concept that will exceed standard energy efficiency codes by more than 30 percent.
When opened for students from all 19 of the university’s colleges in fall 2015, the building will offer 96 seven-bedroom fully equipped apartments with approximately 1,000 square feet of common space and 632 bedrooms on the first seven floors. The graduate dorm will also include study spaces, lounges, a solarium, a commissary, a gym and a balcony that will wrap the entire eighth floor and can be used as an outdoor running track.
As reported by the news source, students could pay between $1,000 and $1,500 a month to live at the Munger residence. Though the rents are yet to be announced officially by the university, The Michigan Daily reports that students and future residents are already concerned that the costs of living within the campus will be too high and have asked the Board of Regents to find ways of making housing options more affordable.
Rendering of Munger Residence courtesy of Hartman-Cox Architects