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KCRC Board Rejects Offer for Central Complex Property

KCRC Board Rejects Offer for Central Complex Property

Mar 26, 2019 FinancePress Releases

At the March 26 board meeting of the Kent County Road Commission (KCRC), commissioners in attendance voted unanimously (4-0) to reject the proposal by 2722 Vassar LLC to purchase the Central Complex property, located along 1500 Scribner Avenue, and 1600, 1632 and 1660 Turner Avenue NW in Grand Rapids.

In December 2018, KCRC published a Notice of Sale for the Central Complex property. One proposal, submitted by 2722 Vassar LLC, was received by the prescribed date and time. KCRC staff carefully evaluated the proposal, including the purchase price, rent to be paid during the lease-back period, and its other terms and conditions. Based on the evaluation, staff determined that the net consideration to be received did not match KCRC’s opinion of the value of the property and would be insufficient to satisfy KCRC’s current financial model for the potential construction of a new Central Complex at the Walker View Industrial Park property KCRC purchased in 2016.

“We appreciate the time and effort taken to submit the proposal. However, the market appears to be telling us that it is not the right time to sell this property,” said Steve Warren, KCRC’s managing director. “Because this sale is integral to the financial strategy of relocating our Central Complex, we will continue to research and evaluate the market and the redevelopment of the river corridor to assess opportunities that better align with our financial requirements.”

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