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There's a new development plan in the works for The Village at Knapp's Crossing.
(MLive.com File)
GRAND RAPIDS, MI – The Detroit-area developer that de-malled Centerpointe Mall now is resurrecting plans for a retail complex at Knapp Street and East Beltline Avenue NE.
Lormax Stern Development Co. is teaming with Visser Brothers, Inc. on plans for about 180,000-square-feet of new construction around an existing D&W grocery store and P.F. Chang's restaurant in The Village at Knapp's Crossing. The property previously was planned for a downtown-ish "lifestyle center", on the northeast corner of Knapp and the Beltline, across the street from Celebration Village. That project went bankrupt.
Bankruptcy court filings this week include an agreement for a $3.98 million sale to Pioneer Ventures, a limited liability company formed by Sid Jansma, Jr., president and CEO of Wolverine Gas & Oil Corp.
“We are in a joint venture relationship with (Visser Bros. president) Bill Mast (and a third party),” said Chris Brochert, a Lormax Stern partner. “It’s all going to be high-end retail (and restaurants). We’re going to have a multitude of restaurants there, both a combination of full-service and fast casual.
“We’re interviewing retailers. We haven’t picked any horses to ride. We’re in the courting process.”
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Steve Benner, who built a successful portfolio of strip mall through his company, Evergreen Properties, bought the apple orchard at the corner of Knapp and the Beltline in 2004 and planned a $60 million retail complex that never materialized.
Spartan Stores Inc. built a D&W Fresh Market on the site in 2009, but only after buying out Benner’s interest in the development. A P.F. Chang’s restaurant opened on the property in November 2011, but sued Benner for failing to have the development completed on time.
Benner in 2013 filed for Chapter 11 bankruptcy.
A new concept for the site shows several buildings ranging in size from 7,000- to 14,500-square-feet along the Beltline, with another line of buildings set to the east behind about 1,200 parking spaces. It's a different layout than the Main Street look of Benner's project, and the square footage is about 15 percent less. The new concept includes a “large retail store” of 45,000-square-feet on the north end of the development, according to preliminary plans filed with the city.
Construction could start next year with an opening before the end of 2016, developers said.
A city hearing on the plans is scheduled Thursday, Oct. 30, at 1120 Monroe Ave. NW.
RELATED: Plans to sell Village at Knapp's Crossing are underway after bankruptcy judge's ruling
Pioneer Ventures bought a $4.5 million mortgage on the property in August, according to court filings. The bankruptcy trustee could sell the property to another buyer if there’s a bid higher than $4.24 million within the next three weeks.
If that happens, Pioneer would get $3.98 million of the sale proceeds, according to court records.
MLive/Grand Rapids Press reporter Jim Harger contributed to this report.
Matt Vande Bunte covers government for MLive/Grand Rapids Press. Email him at mvandebu@mlive.com or follow him on Twitter and Facebook.