The Michigan State University Board of Trustees has authorized the university to enter into a Public Private Partnership, or P3, for the continued development of the Grand Rapids Research Center site.
In July 2018, commercial real estate company JLL issued a P3 request for proposal on behalf of MSU for developer procurement. A lead developer candidate, Health Innovation Partners, a joint venture between MB Real Estate, Walsh Construction/Walsh Investors and Rockford Construction & Development, has been identified and the authorization allows MSU administration to proceed with negotiations on the ground lease and developer agreement.
Description of Grand Rapids Research Center Phase II project:
- The ground lease will require the developer to construct a new building (referred to as Building 2) along Michigan Street on the Grand Rapids Research Center site to provide tenant lease space for MSU and other stakeholders that will support the MSU research and health care innovation cycle.
- A Tax Incremental Financing credit is available to the developer to construct a parking structure, which is required to meet City of Grand Rapids parking requirements on this site.
- The project may include a future building along Monroe Street on the site (referred to as Building 3) for additional, yet-to-be-determined, program space that will complement the research, education and innovation mission of MSU.
- It is anticipated that construction could begin in the fourth quarter of 2019, with substantial completion in late 2021.
“MSU continues to expand its footprint and partnerships in downtown Grand Rapids, which supports our research, education efforts and health care expansion,” said MSU Interim President John Engler. “We look forward to working with more partners and stakeholders in expanding the mission of our great university into West Michigan.”
“We are very pleased about the Board of Trustees’ authorization of the P3 to help MSU build a framework from which we can impact and improve health,” said Norman J. Beauchamp Jr., dean of the MSU College of Human Medicine. “We are actively seeking health care and industry partners who share our vision to transform health through research and innovation.”