The Grand Rapids Downtown Development Authority approved a two-year option to sell property at the southwest corner of Ionia Avenue and Oakes Street to potential buyer Jackson Entertainment LLC.
The site that’s currently a parking lot could potentially be the home of a new, next generation theater for Celebration Cinema. Beyond the scope of a traditional theater, the company proposes a new facility as part of a multifunctional development with business conference and meeting place and restaurants, said Steve VanWagoner, VP of marketing for Celebration Cinema.
Earlier reports stated the property would sell for $8.5 million, but VanWagoner said the price was not yet finalized, noting that an appraisal has yet to be completed.
Citing the outpouring of comments on the company’s social media sites, VanWagoner said that support for the proposed theater complex has been positive.
However, he said the final product is still a long way out as both the DDA and Celebration have plenty left to work through. While it’s realistic for construction to commence in a little more than a year, VanWagoner the company is still working out how the theater will look.
He said Celebration expects roughly 400,000 visitors annually to the new downtown facility.