Just A Little Deal In A Big Project

February 14, 2005
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GRAND RAPIDS — It very well may go down in history as the smallest commercial real estate transaction ever enacted downtown, possibly inching out others that have preceded it.

Members of the Downtown Development Authority agreed in principle last week to sell 42 square feet of property off Campau Square Avenue that connects the street with the blue pedestrian bridge that crosses the Grand River

The property is adjacent to a surface parking lot in front of the RiverfrontPlazaBuilding and the lot was recently purchased by Alticor Inc.

Alticor plans to build a new parking ramp on the lot to complement the Marriott-operated hotel the firm will put up at the corner of

Pearl Street
and Campau.

The design of the ramp, expected to cost up to $10 million to build, takes it about four inches onto the DDA-owned property, which is 141 feet long and from two-tenths to four-tenths of a foot wide.

DDA Executive Director Jay Fowler said negotiations on the parcel’s selling price would begin soon.

The Oldtown Riverfront Land Co. is the potential buyer.    

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