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Metro Health Village Names
New Hotel, Bank
Business Review, B. Candace Beeke, January 17, 2008 - The new Hyatt Place hotel and Macatawa Bank branch Metro Health Village announced
are just the tip of the iceberg
for a development that still has five years left in it, said
Gary Granger, of developer
Granger Group.
Almost five years into its development, Metro Health Village has made a significant
name for itself. That's due to the massive move of Metro Health Hospital from
southwest Grand Rapids -- completed late in 2007, the buildup of four medical
office buildings -- currently about 80 percent occupied -- the signing of Bank of
Holland and Macatawa to new branches, the announcement of a Hyatt Place --
the first in western Michigan and third in the state -- plus the promise of a second
hotel, yet to be signed. A new YMCA, sponsored by Spartan Stores, and Aquinas
College also will join the mix.
And there's more to come.
A local grocer may sign on, said Jason Granger, development director, as well as a
gourmet delicatessen, plus the company expects medium-box national interest, as well.
"The retail I think will happen a little bit quicker," Jason Granger said. "In the next year
or two, we'll see retail really pop up. I think the office will take a little longer than retail."
The lodging interests may come quickly, too, with Rockford Construction of Grand
Rapids breaking ground this month on a five-story Hyatt Place.
"We've got three other hotels looking at the site right now," Jason Granger said of the
other hotel lot. "We've got one that put in an offer."
Bank of Holland bought about an acre (see Business Review's Nov. 29-Dec. 5 edition) on
which it plans to construct a two-story office. Macatawa Bank followed suit, purchasing
1.2 acres.
"Macatawa is moving pretty quickly and plans for construction to begin this spring,"
Jason Granger said.
Granger Group and Metro Health partnered on the development after Granger agreed
to purchase the hospital's former site downtown.
"Old hospitals are hard to convert," Gary Granger said. "The deal was we would
purchase something that had a negative net worth. It was a liability to Metro to the
extent of $3 million to $4 million. Our agreement was to purchase that for $1 and
take the liability on ourselves in return for development of the new site."
The former hospital is being razed and will be sold in the first quarter of this year to
Michigan Christian Homes for construction of low-income residential.
"Three to four years ago, we were planning to turn it into apartments and
condominiums," Jason Granger said. "We looked ahead and said we didn't
think the market's really going to be there."
A professional office building attached to the former hospital will remain, with
Metro Health as the tenant.
