GRAND RAPIDS — Officials with the city of Grand Rapids plan to move forward with further due diligence and vetting of one proposal to redevelop a key downtown parcel.
The city’s evaluation committee that’s reviewing redevelopment proposals for the city-owned, 15-acre riverfront site at 201 Market Ave. SW said today that it has selected an unspecified proposal by Indianapolis-based Flaherty & Collins Properties for further vetting and a feasibility study. The due diligence phase is expected to take four to six months.
Two other unspecified proposals — from Grand Rapids-based Rockford Construction Company Inc. and from Southfield-based REDICO LLC — will be considered “active” as the committee further evaluates the Flaherty & Collins proposal.
“The evaluation committee may elect to recommend due diligence with the Rockford Construction or REDICO proposals should the Flaherty & Collins proposal be found not feasible. The evaluation committee’s charge is to deliver a complete recommendation to the City Commission,” according to a statement from the city.
Executives with Flaherty & Collins and the city of Grand Rapids did not immediately respond to requests for additional details about the content of the various proposals.
The Indianapolis real estate development and property management firm predominantly develops and manages multifamily, mixed-use properties around the Midwest, according to its website.
Key components of the city’s desire to redevelop the municipal-owned property include combining significant access to the Grand River with green space and advancing goals around equitable development, as MiBiz has previously reported.
“As we look at a development of this scope and scale, what can we do to make sure that there is connectivity to the parts of our city that are in need of apprenticeships and mentorships and jobs?” Grand Rapids Mayor Rosalynn Bliss told MiBiz for a previous report. “I think we were pretty clear in the RFQ that there has to be mixed housing types, mixed income. … And then access to greenspace — that’s an equity issue — and access to the river. I think you’ll see those elements in this project.”