MARQUETTE – The Veridea Group will purchase and develop a downtown parcel following a unanimous vote by the Marquette City Commission Monday, July 9.
The sale is the culmination of more than six months of negotiations between the City and Veridea. The purchase price for the property, in keeping with the City’s ordinance, is the full appraised value of $221,000. Veridea and the City will also sign a Development Agreement obligating Veridea to build on the land and outlining certain standards for the development, including providing public parking.
“Veridea is happy to have successfully negotiated the sale of the property and we look forward to starting construction,” said Veridea Director of Development Michele Thomas. “Our plans for the development involve creating a vibrant place for people to gather, work, and live downtown.”
Conceptual plans for the property, located at the corner of Third and Main Streets, include two levels of underground parking supporting a five-story, 50,000- square foot building. The first-floor will showcase an open market area, restaurant and coffee shop. The upper floors will include a mix of commercial offices and residential lofts.
In addition to the purchase price of the land, the City will benefit from the generation of property tax revenue on the formerly tax-exempt parcel and additional jobs in the downtown. Veridea President Robert Mahaney estimates the project could add up to 150 new people living and working downtown.