Developer awaits option on $1.63M property
Grand Rapids is likely to execute an option agreement with a developer next week for a wedge shaped, city-owned parcel with a list price of nearly $1.63 million.
The property is on the city’s southwest side, at 30 Lexington Ave. SW, almost immediately south of Fulton Street and just west of Seward Avenue.
The site, which is vacant, is zoned commercial, and the city acquired the property when it extended Seward Avenue from Fulton to Butterworth Street.
The agreement gives Rockford Development two years to buy the property.
The development company will be required to pay $50,000 for the option in the first year and $75,000 if it gets extended into the second year.
"New to the city"
In addition, Rockford Development will be required to invest a minimum of $7.5 million into a mixed-use office project of at least 60,000 square feet for the site.
An interesting condition of the agreement is the office building Rockford Development ends up putting on the property should have a “substantial opportunity to attract tenants that are new to the city.”
Grand Rapids city commissioners are scheduled to take up the matter on Tuesday.