Two Tribally owned investment arms have teamed up to purchase an historic building in downtown Grand Rapids, Michigan.
The McKay Tower has transferred ownership form Steadfast Property Holdings to Gun Lake Investments and Waséyabek Development Company — businesses owned by the Match-E-Be-Nash-She-Wish Band of Pottawatomi Indians and Huron Band of the Potawatomi, respectfully.
The $17.5 million price tag includes the 18-story building, a mixed-use development facility with commercial, retail and office space. Other features include a ballroom, conference rooms and three floors of luxury apartments. The apartment accommodations include a rooftop lounge and deck.
“When McKay Tower came on the market, we believed it represented an attractive acquisition opportunity, and we were excited about the opportunity to continue its historic legacy in downtown Grand Rapids,” Kurtis Trevan, CEO of Gun Lake Investments, told
A press release underscores that the two companies have no plans to change operations. The Grand Rapids-based partners will continue to offer apartment, office retail and commercial space for leasing. as well as a venue space for special events.
Former owner Jonathan Borisch of Steadfast invested about $1 million to renovate the second-floor ballroom in 2013. He additionally renovated apartments and added new apartments on the 15th floor, in addition to an exterior facelift and elevator replacement.
“It’s obviously an investment that is going to return revenue, so that’s part of it, but to be able to purchase this building — being so iconic in our business communities and mutual ancestral lands — is really a big deal, and a source of pride for the membership, council and board of directors,” Deidra Mitchell, President and CEO of Waséyabek, told MiBiz.
“As a Native American Tribal community with deep ancestral roots in the region, we have a historical bond with the land around Grand Rapids,” said Bob Peters, Tribal Council Chair for the Match-E-Be-Nash-She-Wish Band of Pottawatomi Indians. “We are proud of Gun Lake Investments to have invested in such an important property on behalf of our citizens.”