There are definitive plans for a substantial development on the eastern side of the city's public parking lot #9, located on the SW corner of Water and Edwards Streets, behind the Main Street East complex and directly across from Arcadia Creek Festival Place. My own suspicions were raised when folks were doing soil boring tests in the area earlier this year. No renderings yet, but the preliminary info sounds compelling -
- $60 million, mixed-use building, with parking, commercial, and residential spaces
- 300,000 SF building, including Class A Commercial and 50 residential units, mostly market-rate. Sources say this will be 7 stories
- 315 parking spaces, which would be a net increase from the current surface parking that would go away
- Construction completion targeted for within 24 months of property closing
The developer is Catalyst Development Company, LLC. which is a subsidiary of Greenleaf Companies, of which Bill Johnston is the chairman (Johnston is one of the two donors that pledged $70.3 million towards the newly-formed Foundation for Excellence) -
Quote:
Deal would sell downtown lot for $60M mixed-use building, more parking
Malachi Barrett | MLive
February 19, 2018
KALAMAZOO, MI -- Officials are working toward a deal to sell a downtown parking lot and make room for a $60 million, mixed-use building. Monday, the Downtown Development Authority approved a purchase agreement with Catalyst Development Co. LLC, which starts the process of developing a portion of Lot 9 across from the Arcadia Creek Festival Site. The deal is contingent on the support of the Kalamazoo City Commission and the city's building authority, but would bring more parking, office use and housing options to a growing area of downtown...
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