Public agency rejects bid for riverfront property
A public agency has rejected a bid for a large parcel of land along the Grand River.
The Kent County Road Commission, or KCRC, recently voted unanimously to reject a proposal by 2722 Vassar, LLC, registered to Christopher Weller, to purchase the commission’s Central Complex in Grand Rapids, where its offices are currently located.
KCRC staff evaluated the proposal, including the purchase price, rent to be paid during the lease-back period and its other terms and conditions.
Based on the evaluation, staff determined the net consideration to be received did not match KCRC’s opinion of the value of the property and would be insufficient to satisfy KCRC’s current financial model for the potential construction of a new Central Complex at the Walker View Industrial Park property KCRC purchased in 2016.
The commission expected to relocate its operation to Walker View Industrial Park by 2021. It purchased a 29-acre parcel at the park in 2016 to have room for expanded operations.
Steve Warren, KCRC managing director, said the commission appreciated Weller’s proposal but decided it was not the right time for the commission to sell the property.
“Because this sale is integral to the financial strategy of relocating our Central Complex, we will continue to research and evaluate the market and the redevelopment of the river corridor to assess opportunities that better align with our financial requirements,” Warren said.
The proposal included a purchase price of over $5 million, to be paid in full at closing.
KCRC issued a request for proposals in December 2018 and received only the proposal from 2722 Vassar, LLC, which it reviewed earlier this month, according to an earlier Business Journal report,
The 14.2-acre property includes four parcels: 1500 Scribner Ave. NW; 1600 Turner Ave. NW; 1632 Turner Ave. NW; and 1660 Turner Ave. NW.
There are a variety of buildings, totaling 134,840 square feet, situated on the property.