Billionaire developer Stephen Ross, chairman of Related Cos, on Wednesday increased to $378 million his lifetime giving to the University of Michigan with a $50 million donation that retains the alumnus as the school’s largest single donor.
The majority of the new gift will support career development for students, action-based learning for student-run investment funds and business ventures, and resources to attract and develop junior faculty, the company and university said in a joint statement.
Ross, who is the majority owner of the Miami Dolphins football team, graduated from the University of Michigan in 1962 with a degree in accounting. In 2013 he agreed to commit at least half of his wealth to charity.
Related Cos has spearheaded development of Hudson Yards on the Far West Side of Manhattan and it is one of the largest owners of affordable housing nationally, the company said.