Watson And Heald Still On The Block
GRAND RAPIDS—The City of Grand Rapids will offer the Watson & Heald Building again on Wednesday, the third attempt to auction the three-story, 116-year-old structure located in the Heartside Historic District at 101 South Division.
The city adjourned the first two auctions after no one placed a bid higher than the Court-ordered minimum of $270, 758.
Assistant City Attorney Bernard Schaefer told the Business Journal that he was going to ask Kent County Circuit Court to lower the minimum bid. A new minimum would likely come into play at an auction on Aug. 8, if a bidder doesn’t buy it Wednesday.
Schaefer was optimistic that the building would sell fairly soon. He said an unnamed, experienced local developer had expressed a keen interest in acquiring it.
The city took possession of the Watson & Heald after it won a foreclosure case against its previous owners, who failed to make required repairs to the building. The city is owed $144,920 for the structural improvements it made. Fryling Construction Co. is also owed $86,785 for work the firm did while under contract to one of the owners.
The auction will take place Wednesday at 10 a.m. just inside the east entrance of the Hall of Justice at 333 Monroe NW.
For more information, call Schaefer at 456-3181 or the law firm of McShane & Bowie PLC at 732-5000.