GRAND RAPIDS, Mich. (WOOD) — Grand Rapids’ Brownfield Redevelopment Authority has approved an agreement for the next phase of the Grand Rapids Innovation Park on the Medical Mile.
Health Innovation Partners plans to build a 200,000 square foot medical innovation building to be occupied partially by Michigan State University, with most of the space leased to private sector entities.
Officials say the agreement for the project will provide roughly $29 million in reimbursements, which will cover the cost of the parking ramp, site preparation and infrastructure improvements at the property.
The city says the agreement is the last step in the brownfield approval process.
The new building, on the corner of Michigan Street and Monroe Avenue, will be next to the MSU Research Center that opened in 2017. Since then, MSU has entered into a public-private partnership with Health Innovation Partners to continue developing the property.
The next phase of the project is slated to begin in October and will include a 600-vehicle parking ramp, some of which will be available to the public.
Officials say the project is estimated to involve private investment of $83 million and will create 250 to 300 new jobs.