GRAND RAPIDS, MI – The downtown music venue formerly known as 20 Monroe Live was sold for $16.5 million, according to city records.
GLC GR Live bought GLC Live at 20 Monroe – formerly known as 20 Monroe Live – from the Gilmore Collection for the listing price of $16.5 million, according to the property transfer affidavit obtained Tuesday, March 29, by MLive/The Grand Rapids Press.
GLC GR Live is a limited liability company associated with a real estate development and venture capital firm in South Bend, Indiana. The firm is not associated with the Gun Lake Tribe, which bought naming rights to the venue and renamed it “GLC Live” after the Gun Lake Casino.
The South Bend firm called Great Lakes Capital, or GLC, did not return calls for comment. Representatives from the Gilmore Collection did not return calls for comment as well.
The property sale happened Feb. 28.
Related: Grand Rapids music venue 20 Monroe has been sold, and Van Andel Arena operator may run it
The new owners of the venue have approached the local public authority that oversees the Van Andel Arena to lease and operate 20 Monroe, which is located at 11 Ottawa Ave. NW and has capacity for 2,600 concert-goers.
Local leaders have given that authority, called the Grand Rapids-Kent County Convention/Arena Authority (CAA), the greenlight to go ahead with negotiations.
On Tuesday, the Grand Rapids City Commission unanimously approved letting the CAA enter into contract negotiations with GLC GR Live to lease and operate the venue.
That approval follows a similar, 15-4 vote on Thursday, March 24, by the Kent County Board of Commissioners also allowing CAA to move forward with those negotiations.
Because of the CAA’s structure, the city and county boards have to approve allowing the CAA to enter into a property lease as well as enter into any agreement lasting more than five years.
In addition to Van Andel, the CAA also oversees DeVos Place and DeVos Performance Hall. It contracts with ASM Global, a venue and event management company, to operate and manage the venues.
According to Kent County documents, the CAA wants to enter into a 20-year lease of 20 Monroe and an operating agreement managing the property for more than five years.
“The new owners of the venue requested that the CAA consider operating the venue on their behalf because their normal business activity isn’t doing entertainment at that scale,” Kent County Administrator Al Vanderberg previously said.
Rick Winn, chair of the CAA, previously told MLive the new owners wanted “local involvement, which the CAA provides.” Winn said operating the venue makes sense because of its proximity to Van Andel Arena.
The Gilmore Collection, which sold the 20 Monroe venue, also owns the B.O.B. That building is a collection of restaurants and clubs spanning five floors adjacent to 20 Monroe. The Gilmore Collection had put the property up for sale as well at a listing price of $15.5 million.
Both the B.O.B. and 20 Monroe were listed in November 2020.
The B.O.B. has been listed as temporarily closed since late December 2021. The listing for the B.O.B. remains online but it is designated as “pending.”
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Grand Rapids music venue 20 Monroe sold for $16.5 million, city records show - MLive.com
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