The city of Grand Rapids is moving forward with plans for some riverfront property.

On Wednesday, the city announced the final five developers in the running to take on the 201 Market project. No decision has been made on what will be built on almost 16-acres of property yet, but the city says this is a big step in the process.

The five developers are the West Michigan company Rockford Construction, Flaherty and Collins Properties, REDICO, the Velmeir Companies and Zimmer Development.

According to a news release, a broad-based Evaluation Committee has been put together to evaluate the five developers to eventually make a decision. The committee is made up of representatives from the City of Grand Rapids, Grand Rapids Downtown Development Authority, Downtown Grand Rapids, Inc., Grand Rapids Urban League and Hispanic Center of Western Michigan.

The commercial real estate firm JLL will also participate in the evaluation process. The Evaluation Committee will assess the qualifications of each developer based on the submission requirements and determine whether they meet criteria set out by the city's Request for Qualifications document.

For more information and to follow along with the 201 Market project, visit their website.

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April Stevens is a multi-platform producer for WZZM 13. Have a news tip? Email, visit our Facebook page or Twitter.