GRAND RAPIDS, Mich. (WOOD) — Perrigo is joining Grand Rapids’ growing Medical Mile.

The company, which manufactures generic drugs and personal care products, plans to open its new North American corporate headquarters inside Michigan State University’s Innovation Park, which is under construction at the corner of Monroe Avenue NW and Michigan Street.

(An Oct. 27, 2020 photo shows the new Michigan State University Innovation Park under construction along Grand Rapids’ Medical Mile.)

The 63,550-square-foot office space will primarily house corporate, management and administrative employees and will feature adaptive, collaborative work areas.

Perrigo expects the project to inject $44.7 million into the local economy during the 15 years of its lease agreement. The company also expects to create 170 high-paying jobs. Hiring is expected to start within the next few months. Job openings will be listed on the company’s website.

During its first board meeting for the new fiscal year, the Michigan Economic Development Corporation approved a $2 million performance-based grant from its strategic fund for the Allegan-based company. The city of Grand Rapids is considering an additional $1.5 million in property tax breaks and a one-year city parking incentive valued at $140,000.

The Right Place, Inc., West Michigan’s economic development agency, helped facilitate Perrigo’s move. The MEDC says Perrigo picked downtown Grand Rapids over competing sites in southeast Florida and a Chicago suburb. Perrigo President and CEO Murray S. Kessler said setting up headquarters on Medical Mile will allow Perrigo to “leverage the expertise of health care and innovation thought leaders.”

The new Michigan State University Innovation Park under construction along Grand Rapids’ Medical Mile. (Oct. 27, 2020)

A state official said Perrigo plans to maintain its presence in Allegan, where its North American operations are currently based. Perrigo says the new headquarters will help ease future space constraints on its growing Allegan campus. Perrigo employs more than 4,000 people in Allegan and Ottawa counties and more than 11,000 workers globally.

In a Tuesday news release, Gov. Gretchen Whitmer called the announcement “great news for Michigan workers, their families, and our economy as we continue to move forward with economic recovery and growth here in our state.”

Perrigo expects its annual sales to top $5 billion this year.