The city of Grand Rapids was unsuccessful in lowering the $4.5 million purchase price to acquire federally owned riverfront property in the Creston Neighborhood for potential redevelopment.
The city was working with the U.S. General Services Administration (GSA) on acquiring the former U.S. Naval and Marine Corps Reserve Center at 1863 Monroe Ave. NW through the federal government’s formal property disposition process.
The GSA initially set a $4.9 million sale price for the property, which the city negotiated down to $4.5 million based on its appraisal. However, $4.5 million proved too high after the city received proposals from potential development partners, according to Sarah Rainero, economic development director for the city of Grand Rapids…