GVSU pays 5x market value for Admiral

GRAND RAPIDS, Mich. (WOOD) - Grand Valley State University paid $1 million for a gas station near their downtown Grand Rapids campus and will tear it down in the summer to expand their footprint in the area.

But the Admiral Gas Station at 346 West Fulton is worth approximately $200,000, according to city records.

The assessed value of the property is $94,400, meaning the actual value is $188,800.

GVSU was willing to pay the premium rate in order to consolidate their property into one large parcel that will be borderd by the Grand River to the east, Winter Avenue to the west, Fulton Street to the north and Butterworth Avenue to the south.

"This is a positive move for the university, but also for the city," said University Counsel Thomas Butcher in a statement. "It's part of Grand Valley's initiative to improve the west side of the city, and the best use of this property is for educational purposes."

In 2000, Admiral bought the station from Speedway for $123,714.