GRAND RAPIDS, Mich. (WOOD) — A report released by Downtown Grand Rapids Inc. says the proposed movie theater project would generate $369 million in the first decade.
The $140 million mixed-use entertainment development was announced on Monday by 616 Development and Loeks Theaters — the parent company of Celebration! Cinema. If the plans are approved, ground is expected to be broken next year.
The area to be developed is located directly south of Van Andel Arena where two parking lots currently exists at the corner of Ionia Ave. SW and Oakes St. SW. It will contain a nine-screen theater called Studio C, a piazza with an outdoor screen, 350 market-rate apartments, 40,000 square feet of retail space and a parking ramp that will have almost 1,000 parking spaces.
According to the report from Downtown Grand Rapids Inc. the 10-year benefits would include:
“This movie theater is set to attract more than twice the number of annual visitors to the Van Andel Arena. So that’s a lot of people coming downtown,” Downtown Grand Rapids Inc. President and CEO Kristopher Larson said.
Downtown Grand Rapids Inc. previously said in a release that “citizen-driven initiatives” have made it apparent that the public wants a movie theater downtown. DGRI will be presenting the proposal to the Grand Rapids Downtown Development Authority on Friday.
———-Online: Full report from Downtown Grand Rapids Inc.