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May 7, 2002Minervini closes on Bldg. 50TRAVERSE CITY - It's official - local developer Ray Minervini is the new owner of historic Building 50 at the Grand Traverse Commons campus.Officials with the Grand Traverse Commons Redevelopment Corp. and The Minervini Group formally closed on the purchase of the 30-acre Subarea 2 at the Commons campus. That includes the massive administration building for the former state hospital. The agreement requires developers to commit up to $1.5 million into a new roof for parts of Building 50. Minervini's development team in March announced it would exercise a purchase option for the property, although it took several weeks to hammer out the details. The parties were still negotiating a handful of remaining details Monday, including leasing space in Building 50 for the Commons board, allowable property splits within the parcel and the conservation easement that's in place for preserving the front lawn outside Building 50. "There were some issues we had to resolve, and we got them resolved," Commons board chairman Brad Barnes said. Minervini said he was glad the purchase agreement is finally resolved and he looks forward to renovating the 1885 structure. He plans to create a mix of commercial and residential uses. "We really feel like we've been entrusted to a community treasure, and we're up to that responsibility," Minervini said after the meeting. "The only reason this project is moving forward is because the community wants it to happen." |
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