ProMedica has an agreement to sell buildings it owns in the Fort Industry Square complex on North Summit Street to developer Karp and Associates, Inc. of Michigan, the health care provider said.
Lansing-based Karp and Associates plans to renovate and redevelop the buildings from 116 to 152 North Summit into a mix-use for residences, retail shops, offices, and entertainment, ProMedica said.
The sale price of the transaction was not released. ProMedica purchased the property through a third party in 2016 for $4 million. At the time, hospital officials did not disclose plans for the acquisition.
"We look forward to seeing this development take shape and bring back the energy that once existed along this stretch of the Summit Street, decades ago when it was a bustling commercial hub,” said Randy Oostra, ProMedica president and CEO, in a news release.
The complex is made up of 125-year-old buildings bordered by Jefferson Avenue and Summit, Monroe, and Water streets. It has 89,000 usable square feet. It primarily has been used as office space.
Karp and Associates purchased and renovated two historic buildings in the Warehouse District. Standart Lofts on Erie Street was developed into 75 market-rate apartments. The company recently completed construction of the Berdan Building on Huron Street into 115 market-rate apartments.
Kevin Prater, a principle of the company, is partnering with a real estate management company to redevelop the Nasby and Wayne buildings on Madison Street.
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