Grand Forks – The planned sale of Corporate Center I by the end of the year continues an effort by the City of Grand Forks to reduce the number of city-owned buildings available for rent to tenants.
In October, members of the Grand Forks Jobs Development Authority (an economic development committee made up of city council members and Mayor Brandon Bochenski) unanimously approved the sale of Corporate Center I for approximately $5.7 million.
Last year, Grand Forks officials approved the sale of Corporate Center II, the counterpart of Corporate Center I, to Grimsley Consulting LLC for $2.5 million.
The two centers across from Demers Avenue in downtown Grand Forks were built to rebuild downtown after the 1997 floods.
City administrator Todd Feeland said the sale of both centers had been planned for years as the city reduced the number of city-owned properties it rented out to tenants. .
“The intention was to reduce the scope of what we have…” said Feland.
At a Grand Forks Growth Fund Committee meeting last year when Corporate Center II was sold, some members of the subcommittee said the city did not want to compete with private landowners.
In 2020, Cirrus Aircraft purchased a building from the city in an industrial park on the western edge of the city.
“We’ve reduced inventory significantly,” says Feland.
Corporate Center I is expected to be sold by the end of the year, but the city continues to own and lease two buildings. One is the Herald building, which will soon become the Hybrid Innovation Venture Engine (or HIVE). The city he purchased from Forum Communications in 2019 for $2.75 million. Portions of the building are leased to Herald, Grand Forks Regional Economic Development Corporation, and Thread (formerly Airtonomy).
The second building is Noah’s Ark and consists of two spaces. The manufacturing area has been leased to LM Wind Power for the last several decades and a small office area within the building has recently been renovated for lease by the manufacturer. The engineering department occupied space in the recent second phase of an ongoing renovation within City Hall.
Feland said HIVE’s tenant lease rates will be reassessed after completion.
“We’re still finishing the building, but when we look at ’23 and ’24, we’ll look at new lease rates for that building,” he said.
As for Noah’s Ark, Feland said there is an existing lease with LM Wind Power.
