Downtown Building Being Auctioned This Week

June 21, 2002
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GRAND RAPIDS — The building that most recently served as headquarters for Junior Achievement is being sold through a sealed bid auction.

The building’s owners, Pete and Deborah Colvin, expect that the structure will sell by Monday.

The Silveri Co. is handling the sale, and is the firm that interested parties should contact in order to obtain a bid package.

The art-deco building, at the southeast corner of Division Avenue and Fulton Street, was appraised recently at $470,000 and is listed at $495,000. The minimum bid for the auction is $350,000.

Glenn Turek, president of Silveri Co., said in September that, “We look for a lot of action, many serious buyers and an exciting next 30 days.

“The building is on one of the most strategically located corners in West Michigan, and a very important one for the future.”

The 3-level building affords 23,000 square feet of space and is located near the Children’s Museum, the police headquarters and the YMCA.

Davenport College built the structure in 1945. The Colvins bought the building in 1997, the same year that Junior Achievement moved into its new headquarters.

JA’s new offices are at 1260 Ekhart NE. The business education program no longer required the structure because so many of its programs now take place in school classrooms during daytime instead of a centralized meeting spot at night.

Pete Colvin said the old JA building is paid for, meaning that lenders aren’t involved in the auction, and that financing is available from the seller.

He added that the structure could qualify for historical tax credits and has a potential to attract economic development dollars.

“Bids will come in until the deadline,” he said.

“Then these are all opened, and the highest bid that exceeds the minimum and most meets the terms is the winning bid. Then we go to the closing,” said Pete Colvin.

“We’ve had a lot of interest in it. This seems to be very well timed,” he added.

Turek said the bid package contains all the information that a prospective buyer needs, including an environmental report, the appraisal, a title insurance report, floor plans, a purchase agreement and other documents.

Call the Silveri Co. at (616) 949-6168 for a bid package.

“It is priced right,” said Turek. “If someone can take advantage of the auction and buy it for less than $495,000, they will make a very good buy.”  

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