GRAND RAPIDS — The soup will soon be on in downtown Grand Rapids.
Panera Bread has signed a lease with Franklin Partners to anchor the 99 Monroe redevelopment, according to sources close to the transaction.
The building, which is being renovated, is almost entirely leased with other new tenants, while others are still negotiating, sources close to the project said.
Franklin Partners bought the building in back in June for $11.8 million. At the time, the property was only 50-percent leased.
The firm plans to spend up to $4 million on updating the property.
Franklin Partners also recently entered a new parking lease agreement with the city that will provide a ZipCar hourly rental service.
The agreement also stipulates the firm will take responsibility for routine maintenance and make improvements to the skywalk between the adjacent parking structure and the building.