Public Private Partnership

The first of its kind

In 2019, Michigan State University formalized its first Public Private Partnership, or P3, with Health Innovation Partners. The real estate development joint venture between MB Real Estate, Walsh Construction/Walsh Investors and Rockford Construction, has signed a long-term ground lease for the continued development of Grand Rapids Innovation Park. This includes planning construction for a medical innovation building and parking structure, expanding the footprint beyond the Grand Rapids Research Center.

What is a P3?

The P3 is a long-term contract between MSU (public entity) and Health Innovation Partners (private entity) and is a mechanism that enables the delivery of a large infrastructure facility that is funded by the private partner.

Next phase

The Grand Rapids Research Center opened in 2017 and is currently the only structure occupying the northeast corner of Michigan Street and Monroe Avenue.

Now with a signed ground lease, plans for the Doug Meijer Medical Innovation Building can move forward. The building will be approximately 200,000 square feet with a 600-car parking structure. A third building is planned for the future.