DeVries Development Properties LLC has agreed to sell its Front Street property to Grand Valley State University. A buy/sell agreement was presented to the university's Board of Trustees at its July 16 board meeting and was unanimously approved. The parties negotiated a purchase price of $4.42 million.
The property, at 22 and 38 Front Avenue, will become the site of the university's new building for its Seidman College of Business. Donations from friends and associates of the late L. William Seidman, founding trustee of the university who died last year, will help fund the project. Final closing documents should be signed within a month, and the property will transfer to the university.
"I am very pleased that Grand Valley and the DeVries partners have come to a mutually satisfactory agreement," said Grand Valley President Thomas J. Haas. "This outcome is a win-win for all involved, The university can now proceed with an essential project, and the DeVries partners have been fairly compensated for their property. The City of Grand Rapids will immediately see another large boon to the construction industry and continued economic development, while the Seidman College will continue to grow and help Michigan prosper."
The Dean of the Seidman College, H. James Williams, said the building will provide "a state-of-the-art business education center, benefiting students and the region. We will be able to admit additional students and further support Seidman's role in economic development throughout the state,” Williams said.
President Haas told Trustees that the project will generate around 300 construction jobs and 150 additional permanent Grand Valley jobs as the Seidman College expands in its new home. Construction is expected to begin next year, with the new building opening to students in 2013.
Learn more about the Seidman College of Business at www.gvsu.edu/business.