THE NEWS: Michigan Medicine will resume construction of a new 12-story, $920 million inpatient hospital connected to its campus in Ann Arbor in the next several months, officials said Thursday.
Why it matters: Construction originally began in October 2019, but the project was paused in March 2020 during the early days of the COVID-19 pandemic, officials said. The hospital will include state-of-the-art equipment and design, increasing access for patients in need of complex care, Michigan Medicine said. The facility will include 264 private rooms along with two floors of operating and procedure rooms.
THE NEWS: Novi-based cold-storage warehousing and logistics firm Lineage Logistics LLC announced Thursday it raised another $1.9 billion in an investing round to expedite its breakneck expansion across the globe. The equity comes from new and existing investors, including BentallGreenOak, D1 Capital Partners, Oxford Properties, CenterSquare Investment Management, MS Tactical Value and Conversant Capital, OP Trust and Cohen & Steers. The firm, a real estate investment trust or REIT, closed on a $1.6 billion investment round in September last year.
Why it matters: Lineage has been on an acquisition growth streak that's largely been unrivaled by any Michigan company. The company closed on 38 deals in 2020 at a price tag of more than $3 billion, adding 128 facilities and roughly 5,000 employees in 11 countries to its portfolio.
THE NEWS: Thomas H. Lee Partners is nearly doubling a fund to assist former workers at its bankrupt Art Van Furniture chain, after months of pressure from employees who said a payment of around $400 each was "grossly inadequate." The private equity firm is adding $950,000 to a $1.1 million fund it established last year, according to United for Respect, the group that worked with former employees to demand health coverage or cash assistance after Art Van filed for bankruptcy last year.
Why it matters: The boost to the relief fund — as well as its very creation, just weeks after Art Van's demise — point to the growing power retail workers are wielding in political and business negotiations. Labor campaigns have received support not only from top leaders including President Joe Biden and Massachusetts Sen. Elizabeth Warren, but also from a public increasingly sympathetic amid the hardships of the pandemic.
THE NEWS: A new initiative by Goldman Sachs Group Inc. aims to narrow the socioeconomic gaps faced by Black women in large urban cities like Detroit. The New York City-based investment bank, which has been active in philanthropic and small business-focused initiatives in Detroit for years, on Wednesday announced its "One Million Black Women" campaign. The financial services giant (NYSE: GS) said it plans to put forward $10 billion in investment capital and $100 million in philanthropic dollars in the areas of housing, health care, access to capital, education and other areas.
Why it matters: Much of the initiative is based on a new report, Black Womenomics, by Goldman which estimates that reducing the earnings gap for Black women would create between 1.2 million and 1.7 million jobs in the U.S., according to the firm's research. Further investment could also increase the U.S. gross domestic product by between $300 billion and $450 billion.
THE NEWS: A host of attorneys who worked to obtain a settlement of $641.25 million for Flint residents harmed by the city's lead-tainted water crisis could take roughly one-third of that money in the form of fees, under a proposal unveiled last Monday in federal court. Attorneys working for nearly two dozen law firms and advocacy groups from around the country are requesting a federal judge to approve a fee proposal that would amount to more than $202.7 million. The attorneys are also seeking reimbursement of more than $7.1 million in expenses.
Why it matters: Attorney fees in cases that create such large settlement funds often become a point of controversy, and there is no set formula for how large the awards should be.
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March 13, 2021 at 12:29AM
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Need to know: New UM hospital, Lineage raises cash and more news of the week - Crain's Detroit Business
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