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Friday, 02 February 2018 09:50

Studio Park developers acquire downtown GR parking lots for movie theater project

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Renderings show Jackson Entertainment’s proposed Studio Park movie theater project south of Van Andel Arena in Grand Rapids. Renderings show Jackson Entertainment’s proposed Studio Park movie theater project south of Van Andel Arena in Grand Rapids. COURTESY RENDERING

GRAND RAPIDS –– One of the largest proposed developments in downtown Grand Rapids in recent years took a significant step forward on Thursday.

Jackson Entertainment LLC and the affiliated Olsen Loeks LLC closed on the $6.9 million acquisition of two surface parking lots from the city of Grand Rapids’ Downtown Development Authority (DDA) and now plans to move forward with its proposed mixed-use Studio Park development immediately south of the Van Andel Arena.

The city on Thursday closed off the northbound and southbound business routes onto U.S. 131 between Cherry and Oakes Streets, as they will be absorbed as part of the $140 million development.

A groundbreaking is expected to be announced soon and project is expected to be complete in the fall of 2019.

“We are happy to be at this moment,” J.D. Loeks, a principal with Jackson Entertainment and Olsen Loeks Development, said in a statement. “An enormous amount of cooperation, creativity and care goes into planning a project like this, but now it begins to have life. We are excited that we can officially begin to move some dirt.”

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