Ross' gift will be split equally between the Stephen M. Ross Business School, which was named in his honor in 2004, and the university's athletic program, officials said. It will bring his total giving to his alma mater to $313 million, making him the university's biggest donor ever.
The university said specific projects to make use of the money will be announced this fall. But the plans include up-to-date facilities for business students and for student athletes.
"Stephen Ross' vision has always been about the ability of facilities to transform the human experience," said Mary Sue Coleman, the university's president. "He understands the power of well-conceived spaces, and his generosity will benefit generations of Michigan students, faculty and coaches."
Ross is the founder and head of Related Companies, which developed the Time Warner Center in New York and is currently involved in the development of the Hudson Yards, a plan to transform 26 acres along the Hudson River in midtown Manhattan.