GRAND RAPIDS, Mich. (WOOD) — Plans for a 12,000-seat amphitheater in downtown Grand Rapids could clear another major hurdle next week.
On Tuesday, Grand Rapids City Commissioners will vote on selling a major portion of the city-owned 201 Market Street site to the Grand Rapids-Kent County Convention/Arena Authority.
201 Market is currently home to the city’s public works department as well as other city agencies.
City commissioners are expected to vote on the CAA’s option to purchase 11.6 acres of the 15.8 acre Grand River front property, which the city has tried to develop for several years.
The CAA would buy the land for $24.3 million, with the total cost of the amphitheater project set at $116 million.
Information on the project is outlined in a memo to city commissioners.
In the memo, city staff says $81 million in funds for the project would come from donor, state and private investment, with the rest coming from a mix of CAA property sales, bonds and Downtown Development Authority revenue.
The city would put some proceeds from the sale into the relocation of public works to the current Kent County Road Commission yard on Scribner Northwest.
The road commission is moving to a new facility in Walker.
Other proceeds would be used for the city’s affordable housing fund.
According to the memo to city commissioners:
In addition to the Amphitheater, another $500 million of private investment is anticipated within the district including an estimated 1,500-1,700 housing units, including affordable housing, up to 10-acres of new riverfront recreations space and trails, and related mixed-use development with a focus on inclusive economic development.A memo to city commissioners
The 201 Market site has the subject of a number of attempts at redevelopment over the last 15 years.
The Kent County Board of Commissioners approved a similar resolution Thursday.
The CAA is expected to close on the property in June.