GRAND RAPIDS — The owners of the 20 Monroe Live concert venue space and The B.O.B. are looking to sell their downtown real estate as the COVID-19 pandemic continues to ravage the entertainment and hospitality industries, MiBiz has learned.
The 20 Monroe Live music and entertainment venue in downtown Grand Rapids is listed for $16.5 million and includes an option to purchase The B.O.B. property — which is listed at $15.5 million — as a package deal, according to a listing through Pure Real Estate Brokerage LLC.
The property that includes the 42,760-square-foot venue at 11 Ottawa Ave. NW is owned by 20 Monroe Building Co. LP, which is registered to Gilmore Collection Chairman John Gilmore. The listing for the two-story venue, which is structured as a condo unit, includes the existing lease with Live Nation, which operates and manages 20 Monroe Live.
“In 1996 The B.O.B. was one of the catalysts in developing and creating the downtown entertainment district and its plan to sell its real estate, not its business, will leave it with the resources to focus on protecting and growing its business and navigating through (COVID-19) so it remains a leader in Grand Rapids,” Gilmore Collection CEO Greg Gilmore said in an email to MiBiz.
20 Monroe Live opened in 2017 as part of an expansion of The B.O.B. The venue has a capacity of 2,580 and is managed by Live Nation through its House of Blues Entertainment division.
It is unclear whether the potential sale of the venue will cause any changes to operations at the venue or The B.O.B.
Pure Real Estate executives declined to comment on the listing.
Music venues were among the first businesses to close under a March 16 executive order from Gov. Gretchen Whitmer as the COVID-19 pandemic began to spread in Michigan.
While some have experimented with outdoor concerts, most — including The Intersection and Pyramid Scheme in Grand Rapids — haven’t reopened because of capacity restrictions.
This summer, independently owned music venues formed the National Independent Venue Association to lobby Congress for direct funding relief.
In September, dozens of Michigan venues called on state officials to create a $10 million pandemic relief fund to help them avoid closing permanently.
EDITOR’S NOTE: This story has been updated to note that Pure Real Estate Brokerage has listed the property, and that The B.O.B. property is listed at $15.5 million.
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