The Urban Institute for Contemporary Arts (UICA) has executed a letter of intent to become an anchor tenant in the proposed development of 2 West Fulton. Tentatively named The Gallery on Fulton, the $20 million proposed development would have 30,000 square feet dedicated to the UICA galleries and theater.
The project is a partnership between Second Story Properties and RSC Associates. They expect to close on the purchase of the property from the City of Grand Rapids by mid-year, and begin construction in the fall.
“We are working with the UICA on the schedule,” said Sam Cummings of Second Story Properties. “They’ll have the opportunity to really expand at this location because they’ll have a lot more visibility.”
In addition to the UICA, the 11-story building will have 80 market rate apartments, and 7,000 to 10,000 square feet for retail stores.
The property, also known as 1 South Division, has been the subject of spirited debate in recent months.
After demolishing a city-owned parking ramp on the property, the site sat vacant for months while developers waited for an answer from the UICA. The developers requested and won a six-month extension when they realized closing the purchase by the scheduled January 31, 2007 date was unrealistic.
“We felt that the UICA was the best possible anchor, and integral to the site,” Cummings said. “We felt it was worth it to give them the time they needed to complete their capital campaign and feasibility study.”
Source: Sam Cummings, Second Story Properties