Grand Rapids’ 20 Monroe concert hall sold for $16.5 million, city records show
GRAND RAPIDS, MI — The downtown music venue formerly known as 20 Monroe Live has sold for $16.5 million, according to city records.
GLC GR Live purchased GLC Live at 20 Monroe — formerly known as 20 Monroe Live — from the Gilmore Collection for the listing price of $16.5 million, according to the transfer of ownership affidavit obtained on Tuesday. March 29 by MLive / The Grand Rapids Press.
GLC GR Live is a private limited company associated with a real estate development and venture capital firm in South Bend, Indiana. The company is not associated with the Gun Lake Tribe, which bought the naming rights to the venue and renamed it “GLC Live” after the Gun Lake Casino.
The South Bend firm called Great Lakes Capital, or GLC, did not respond to calls for comment. Representatives for the Gilmore Collection also did not respond to calls for comment.
The sale of the property took place on February 28.
Related: The 20 Monroe concert hall in Grand Rapids has been sold and the operator of the Van Andel Arena could manage it
The venue’s new owners have approached the local public authority that oversees the Van Andel Arena to lease and operate 20 Monroe, located at 11 Ottawa Avenue NW and seating 2,600 spectators.
Local leaders have given this authority, called the Grand Rapids-Kent County Convention/Arena Authority (CAA), the green light to continue negotiations.
On Tuesday, the Grand Rapids City Commission unanimously approved to let the CAA enter into contract negotiations with GLC GR Live to lease and operate the site.
This approval follows a similar 15-4 vote on Thursday March 24 by the Kent County Board of Commissioners, also allowing the CAA to move forward with these negotiations.
Due to the structure of CAA, city and county councils must approve CAA’s ability to enter into a land lease as well as enter into any agreement for a term greater than five years.
In addition to Van Andel, the CAA also oversees DeVos Place and DeVos Performance Hall. It contracts with ASM Global, a venue and event management company, to operate and manage the venues.
According to Kent County documents, the CAA wants to enter into a 20-year lease on 20 Monroe and an operating agreement managing the property for more than five years.
“The new owners of the site have asked the CAA to consider operating the site on their behalf as their normal business is not to do entertainment on this scale,” the Kent County Administrator previously said, Al Vanderberg.
CAA President Rick Winn previously told MLive that the new owners wanted “local involvement, which CAA provides.” Winn said operating the site made sense because of its proximity to the Van Andel Arena.
The Gilmore Collection, which sold the venue 20 Monroe, also owns the BOB This building is a collection of restaurants and clubs spanning five floors adjacent to 20 Monroe. The Gilmore Collection had also put the property up for sale at a listing price of $15.5 million.
The BOB and 20 Monroe were listed in November 2020.
The BOB is listed as temporarily closed since the end of December 2021. The BOB list remains online but is designated as “pending”.
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