GR City Commission Approves Option To Sell 201 Market Ave For Redevelopment

Press release from the City of Grand Rapids:

GRAND RAPIDS, Mich. – The City Commission has unanimously approved an option agreement with the Grand Rapids-Kent County Convention/Arena Authority (CAA) for the sale of a portion of the City property at 201 Market Avenue SW. The City’s approval follows last Friday’s action by the CAA for the potential location of a 14,000-seat amphitheater at the 201 Market site.

On November 10, the City teamed with community partners on a unique agreement to move the eastside trunk sewer – a long-standing barrier to the future redevelopment of the Market Avenue corridor. The sewer relocation project will extend from Fulton Street to Wealthy Street with construction scheduled to begin this spring and completed in spring 2022. That partnership created the framework for this sale of the City’s 201 Market Avenue property to the CAA.

The City plans to use sale proceeds, in part, for relocation of City facilities from 201 Market Avenue, development of the recreational river’s edge along the riverfront property and other potential investments in service of the City’s strategic plan, including providing support for the Affordable Housing Fund. It will retain the waterfront frontage for equitable recreation purposes, aligning with the River for All strategy consistent with GR Forward. The CAA and City also will collaborate on use of portions of the amphitheater property for passive recreation when not in use for events. The balance of the 201 Market Ave. property will be reserved for future private development.

“This is another important, but early, step in the potential redevelopment along this portion of the Grand River and the Market Avenue Corridor,” City Manager Mark Washington said. “This type of innovative public-private partnership between private developers, the Grand Rapids-Kent County Convention/Arena Authority and the City ensures we’re responsibly reinvesting and growing in ways that will provide value to our residents while continuing to improve everyone’s quality of life.”

The option agreement provides for the sale of approximately 11.6 acres of the northern portion of the approximately 17.5-acre 201 Market property estimated at up to $24.5 million. The property appraisal takes into account the CAA’s investment in the trunk sewer project and costs related to the demolition of existing site improvements. The final sale price will be determined based on the agreed upon appraised value per square foot of property established in the memorandum of understanding and the amount of property required for development of the amphitheater project. The option agreement anticipates CAA closing on the property by Dec. 31.

This press release was produced by the City of Grand Rapids. The views expressed are the author's own.