Here's your new and improved Mystery DevelopmentTM post, now fortified with even MORE mystery!
The Grand Rapids City Commission approved the listing of the city-owned 15.8 acre parcel of riverfront property situated in the heart of downtown. The property, 201 Market Avenue, is listed for $35 million.
In a statement released this morning, Grand Rapids Mayor George Heartwell said, “We’re ecstatic over the possibilities that exist with the development of this site.”
Currently, a number of municipal facilities such as Streets & Sanitation and Parks & Recreation are located at 201 Market. Those facilities will be relocated using the proceeds from the sale of the property and the brownfield tax increment, and would take at least a year from the date of the sale’s closing.
“Our downtown area is undergoing unprecedented growth right now,” said Grand Rapids Economic Development Director Susan Shannon, “ and the development of this site, along with what’s happening on Michigan Hill will provide further evidence that Grand Rapids is recreating itself and positioning itself for the new economy.”
But wait! There's doubt a brewin' amongst other land owners in the area, and time is running out!
There's still no word on when developers will reveal the details surrounding the secret development, but a deal on one piece of the puzzle, which is supposed to be finalized near week's end, could tell us a lot about whether the project is a go or not.
It's the old Sennet Steel building on Market Street. It's supposed to become a large strip club and retail store for adult items. It's also located in what several sources have told would be a large chunk of property needed for the secret project.
"Depending on what goes on between now and Thursday will depend on whether we open or not," says Mark London, the owner of the proposed adult complex.
London made a deal with representatives of the developer on March 9. It’s a 15-day option to buy the property, and an additional $20,000 a day to cover the added cost of construction while London waits to find out if in fact the developer will exercise the option.
But that 15-day option is up Thursday. And London hasn't heard from developers since the day he signed the option.
"The cost goes up for them daily. I just can't imagine they'd pay extra money if they planned on closing," says London.
Will they buy before Thursday? Will the strip club still be opened? Will Channel 8 develop its own theme music for this story?
Stay tuned!