The trust handling properties that aren’t part of the new General Motors Co. said Wednesday it sold a 1.4-acre lot on Cass Avenue in Detroit to Wayne State University.
The RACER (Revitalizing Auto Communities Environmental Response) Trust was established in March 2011 by the U.S. Bankruptcy Court to sell and clean up former GM properties that are not part of the “new” GM. The trust said the former auto sales lot at 6241 Cass Ave. will be used for parking for the Integrative Biosciences Center (IBio).
The paved property is located diagonally across Cass from IBio, a $93 million biomedical research facility in the TechTown area. More than 400 people are expected to work, research or attend classes in the building that is slated to open in the spring.
“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,” Rick Nork, the university’s chief financial officer, said in a statement.
The sales price was not disclosed. The trust said the site had been vacant since the late 1970s. The site, once used as a lead smelting building by Detroit Motor Car and by the Cadillac Motor Car Co. until the early 1940s, was used as an auto sales lot from about 1941 until 1961.