Real estate firm buys adult club downtown
A real estate firm has bought an adult club downtown and is planning to redevelop the site as part of a “neighborhood renaissance.”
Lady Godiva’s Showgirls in Grand Rapids, located at 234 Market Ave. SW, was sold this week.
The two-acre property was sold by an LLC owned by Mark London, Lady Godiva's owner, to Grand Rapids-based Market Avenue Place LLC, an affiliate of East Lansing-based Maplegrove Property Management — in a deal that took John Kuiper, president of Colliers International | West Michigan, more than a year to broker.
Maplegrove Property Management plans to run a best-use study to figure out what to do with the site and possibly start construction on a project there next summer.
The initial redevelopment plan for the site allows for apartments and condos, retail and office space and on-site parking.
“It was important to reach a satisfactory deal for both the seller and buyer, while also staying true to the vision of the area set by Founders Brewing Company and Custer,” Kuiper said. “Downtown Grand Rapids continues to expand with companies interested in Arena District South for its proximity to Founders Brewing Company, as well as the development opportunity in the area.”
Maplegrove has been operating an office in West Michigan for about 10 years and owns and manages several local properties, said David Emdin, COO, Maplegrove Property Management.
Emdin added that he’s convinced that Arena District South “is primed for great things.”
“The area has gone through major changes in the last several years, with Founders Brewing Company and The Rapid as major anchors,” Emdin said. “When John Kuiper approached us regarding the sale of the property, we saw the potential to expand our presence on both Grandville Avenue and Market Avenue and be a part of the neighborhood renaissance.”
Maplegrove Property Management acquired the nearby Hopson Flats in March and has acquired other properties in the region in recent years: 38 Commerce in Grand Rapids; Heritage Collection in Grand Rapids; Sherman Oaks Apartments in Ludington; and Flats on the River in Belding.