Two West Yes Third Coast No

July 13, 2007
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GRAND RAPIDS — Parking commissioners recommended last week that Two West Fulton LLC be given its second six-month extension to close on its purchase of the former City Centre parking ramp site at Division and Fulton. The new closing date would be Jan. 31, 2008

In return, the development firm will pay the city $15,000 for the extension and raise the agreed-upon purchase price of $2 million by the urban CPI at closing. Two West Fulton plans to build a mixed-use project on the 37,000-square-foot site with the Urban Institute for Contemporary Arts as the major tenant.

"I think my company has been able to pull off every project we've undertaken. I don't take this (extension) lightly," said Sam Cummings, president of Second Story Properties, which has partnered with RSC Associates of Chicago in Two West.

Parking commissioners also recommended last week that the offer from Third Coast Development Partners to buy two-thirds of the city-owned downtown parking system be rejected. Commissioners felt the sale was not in the city's best interest. ThirdCoast had offered up to $45 million for four downtown ramps and 10 surface lots.

City commissioners are expected to review both recommendations next week.     

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