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Old Federal Building renovation project kicks off http://blog.mlive.com/businessreview/western_impact/print.html?entry=/.
Old Federal Building renovation project kicks off
Published: Monday, September 13, 2010, 2:59 PM Updated: Monday, September 13, 2010, 3:30 PM Business Review West Michigan
Photo by Lori Niedenfuer Cool/Grand Rapids Press The Old Federal Building will be renovated for Kendall College A major downtown Grand Rapids project — the renovation of the Old Federal Building — kicked off today.
Ferris State University’s Kendall College of Art and Design, the city of Grand Rapids and The Christman Co. are working together to turn the building at 148 Ionia Ave., which has served as a courthouse, a post office and the Grand Rapids Art Museum since its dedication in 1911. Scheduled to open in spring 2012, the building’s next life will add to Kendall’s campus with 91,000-square-feet of new classroom, studio and gallery space.
“We will restore this landmark building to its finest hour,” Ferris State University President David Eisler said in a statement. “When the project is complete, Kendall will occupy three contiguous city blocks dedicated to a community of student artists, designers and creative thinkers living and learning in the heart of downtown Grand Rapids.” In addition to the building’s extensive renovations, the existing parking lot along Division Avenue will be redeveloped into a “more inviting public space.” The project will pursue LEED certification and is estimated to create 200 Total project costs are estimated at $28.5 million, including furniture and equipment. The public-private partnership of Ferris, Kendall, the city and Christman worked with the state of Michigan and Kent County to secure funding options, including American Recovery and Reinvestment Act bonds, state Brownfield tax incentives and historic tax credits. Ferris and Kendall also plan to pursue philanthropic support for the project.
Old Federal Building renovation project kicks off http://blog.mlive.com/businessreview/western_impact/print.html?entry=/.
“This is a remarkable and timely project for the city of Grand Rapids,” Grand Rapids Mayor George Heartwell said.
“Through an innovative partnership of diverse interests, we will transform a building that had become a liability into an exceptional asset that contributes directly to the strength of our region’s economy, culture and system of higher education. Working together, we have created a new life for this outstanding building.” The city of Grand Rapids will lease the building to Federal Building Partners, an entity created and controlled by Christman. Federal Building Partners then will lease the building to Ferris. Eventually, Ferris will take ownership of “This is a pioneering model of partnership even by West Michigan standards,” said Jim Cash, executive vice president of Christman. “Christman is honored by the opportunity to restore this historic building and build yet another innovation engine for downtown Grand Rapids.” 2010 MLive.com. All rights reserved.

Source: http://www.wondergem.com/documents/campaign/9_13_10_BusRev.pdf