Developer buys parking ramp for $3M
A parking ramp in the region has been sold to a developer.
The Kalamazoo City Council approved the sale of the Arcadia parking facility, or Parking Ramp No. 4, to Kalamazoo-based PlazaCorp for $3 million.
A condition for the city to sell the ramp is an economic impact analysis of the planned development at the site by the developer, which plans on investing $40 million in the area of the ramp between 2017 and 2020.
In the next five years, the project would include a 118-room hotel, a renovated building with 22 residential units, redeveloping 40,000 square feet of vacant office and retail space and potentially a second hotel in 2021, according to the economic impact study.