The land transaction for a major downtown development project is expected to be completed today.

The City of Grand Rapids said today the Downtown Development Authority, or DDA, should finish the land transaction for the Studio Park project downtown, signaling the start of construction and changes to surrounding streets.

Jackson Entertainment is purchasing from the DDA two city parking lots — Area 4 and Area 5 — for $6,876,606 and the northbound and southbound U.S. 131 “business routes” between Cherry and Oakes streets, just south of Van Andel Arena.

The Studio Park project will feature a piazza, a nine-screen Studio C! theater, hotel, apartments, retail and office space and a parking ramp in the $110-million first phase.

A $30-million second phase will include a residential tower constructed above the parking ramp.

You can read the entire article at the website of our partner, the Grand Rapids Business Journal, or pick up this week's edition of the Business Journal on your newsstand.