Grand Rapids developers say the $4.5 million price tag for a 3.5-acre former Marine Corps training center site along the Grand River is too high to make redevelopment possible without a creative mix of public, private and philanthropic funding.
The city of Grand Rapids earlier this month failed to secure the federally owned property at 1863 Monroe Ave. NW through the U.S. General Services Administration’s (GSA) disposition process, despite attempts to work with developers on a future vision for the property. That included issuing a request for proposals in September, which drew plans from four development teams.
However, the GSA’s unwillingness to come down from a $4.5 million sale price ultimately doomed the city’s transaction…