NMU Foundation commences sale of the former Marquette Hospital site to Veridea Group
Marquette, Mich., Sept. 13, 2024 (GLOBE NEWSWIRE) — The Northern Michigan University Foundation announced today that it has executed the sale of the former Marquette Hospital site to Marquette-based Veridea Group, marking a significant step in the revitalization of this key property linking Northern Michigan University, surrounding neighborhoods, and the Third Street business corridor. The foundation sold the undeveloped property for the independently certified appraised value of $2.5 million to the Veridea Group, who had previously been selected to redevelop the property by the NMU Foundation’s Board of Trustees in consultation with the City of Marquette. Ownership of the property will transfer to Veridea in phases concurrent with completion of demolition across the site.
“We are grateful to the many partners in our community and across the state who have steadfastly worked alongside us to arrive at this important point,” said Brad Canale, CEO of the NMU Foundation. “This is the culmination of years of hard work and countless hours of community engagement to facilitate the transformation of the former Marquette Hospital site and revitalize the surrounding neighborhood. It shows what can happen when community-minded people come together around a shared vision and set their sights on accomplishing big things.”
The NMU Foundation’s primary focus in leading this public-private partnership was to align resources required for demolition and site preparation and successfully engage a qualified development partner to advance mutually beneficial outcomes for the city, community and Northern Michigan University, according to Canale.
“The foundation’s mission focuses on enhancing the NMU community, and I could not think of a more aligned project than leading the revitalization of such an important property,” said NMU Foundation Board President Mark Pynnonen. “The work the foundation has done to bring so many key stakeholders together and prepare this site for development is our enduring gift to this community and the University, and we are proud to be a part of its transformation.”
The NMU Foundation will continue overseeing the demolition of the hospital site, while Veridea Group will continue its work in developing a master plan for the site in consultation with the City of Marquette.
“The NMU Foundation has been instrumental in bringing all of the necessary partners to the table to ensure that the former Marquette Hospital could be transformed from a blighted property into something that can be a hub of activity for our community,” said Marquette City Manager Karen Kovacs. “The amount of time and energy their team invested in bringing in resources and coordinating multiple layers of a very complex redevelopment puzzle cannot be overstated. We now look forward to the demolition being completed and working with Veridea Group and the community to advance a site plan and finish transformation of the property.”
Demolition work on the former Marquette Hospital site began in June 2023 and was broken into three phases. As of August, phase one of the demolition project is estimated to be 92% complete and phase three is 96% complete. The final phase of work involves the demolition of the Blood Bank Building, Bridge Building and Neldberg Building, is projected to be completed by March 2025. The final project closeout, which includes grading, topsoil and seeding, is expected to be completed in the second quarter of 2025.
“This is an exciting milestone, not only for the project but all of Marquette. This property sale signals the transition to the next phase of redevelopment and also serves as a reminder of the power of collaboration to create opportunity here in the Upper Peninsula,” said Marty Fittante, CEO of InvestUP. “Through the power of partnership, the NMU Foundation is moving this very challenging project from vision to reality. In the end, this could very well be the largest community development project in the Upper Peninsula’s history, and InvestUP is a proud collaborator in this transformational project. Congratulations to the NMU Foundation, the city of Marquette and Veridea Group on reaching this important stage for the redevelopment.”
The properties sold to Veridea Group have been identified as an attractive location for much-needed housing, commercial activity and other amenities to complement the neighborhood, NMU, and the broader community. An economic feasibility analysis conducted in 2021 shows the viability of an estimated $166 million mixed-use development, featuring a wide range of housing, retail and commercial space, and greenspace and pedestrian corridors to better connect the development and surrounding neighborhoods to NMU’s campus.
“This transaction marks a milestone event for our community and NMU,” stated Robert Mahaney, Veridea Group’s CEO. “This redevelopment effort began more than five years ago and has faced many headwinds and obstacles, all of which have been overcome thanks to the shared vision, determination and collaboration, of so many, including the NMU Foundation, the city of Marquette, InvestUP, the Marquette Brownfield Redevelopment Authority, and MEDC. We are eager to put shovels in the ground and start building. We look forward to sharing our current vision and site plans with the public in the coming months, in anticipation of commencing the first phase of construction in 2025.”
For more information related to the project, visit http://www.renewcollegeavemqt.org/.
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About Northern Michigan University Foundation
The NMU Foundation is a 501(c)(3) nonprofit organization established in 1968. Its mission is to establish and foster relationships to generate resources that benefit the strategic goals of Northern Michigan University. Learn more at https://foundation.nmu.edu/.
CONTACT: Josh Hovey Northern Michigan University Foundation 517-712-5829 [email protected]
