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.
Grand Valley, DeVries Development agree to property sale
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