The red lines mark the 14.2-acre site owned by the Kent County Road Commission, which is seeking bids for the property. The red lines mark the 14.2-acre site owned by the Kent County Road Commission, which is seeking bids for the property. COURTESY IMAGE

Kent County Road Commission receives one $5 million bid for Central Complex property

BY Sunday, March 10, 2019 08:55pm

GRAND RAPIDS — The Kent County Road Commission is evaluating one bid valued at more than $5 million for its property on the Grand River.

The Road Commission in December released a notice of sale for its Central Complex property located at 1500 Scribner Ave. NW along the west bank of the Grand River near U.S. 131. According to the Road Commission, 2722 Vassar LLC, which is registered to Christopher Weller, was the only entity to submit a bid.

The company’s bid provides a purchase price of just more than $5 million to be paid in full at closing and stipulates the sale include all fixtures and furniture at the complex.

Proposed terms from the buyer also ask that all post-closing rent under existing leases with the Kent County Drain Commission and Kent County Department of Public Works be paid to the 2722 Vassar LLC. Those two public entities are currently paying leases to the road commission. Under the terms of the possible sale, the leases would be transferred to the new owner.

It also provides that the Kent County Road Commission lease back the property at a base rate of $82,500 per month until Dec. 31, 2020, with an option to extend month-to-month for one year.

Maura Lamoreaux, communications manager for the Road Commission, said not much information is available on the bid, but added that department staffers are evaluating the proposal. They could make a recommendation on next steps at the Road Commission’s March 26 meeting.

The Road Commission has known for some time that it would need to relocate to a larger property to expand its operations, as the current site is bordered by two city streets, railroad tracks and the Grand River. In 2016, the Road Commission purchased a 29-acre parcel at the Walkerview Industrial Park for a possible expansion.

The Scribner property has been identified as an “opportunity site” for redevelopment under GR Forward, a 10-year community plan and investment strategy for downtown Grand Rapids and the Grand River corridor. Officials previously told MiBiz the four-parcel site presents opportunities to better connect more residents to the riverfront.

The property, just north of Webster Street and adjacent to US-131, includes more than 130,000 square feet of building space and 1,090 feet of frontage along the river.

Read 5139 times Last modified on Sunday, 10 March 2019 20:22