The sale of Hangar42, the defunct Grand Rapids studio project that went down in flames this summer when the developer was charged with attempted fraud, is being revived as Michigan’s biggest stage rental.
L.A.-based developers SHM Partners will purchase the 300,000-sq.ft. southern portion of the former Lear factory from Kent County for $7.3 million. It will be leased to 50-50 Entertainment, a Texas-based music company.
Now called Avastar Park, the studio will house stages, a recording studio, a foley stage and postproduction facilities. An additional 57,000-sq. ft. is being talked about for office space and other facilities.
50-50 Entertainment plans make the space its new headquarters.
Last week, the Kent County Finance Committee approved $28.5 million in low-interest bonds for the long-term development of the former plant. In addition to the planned stages, it will contain retail stores. It is expected to employ 1,000 when completed.
The sale of Hangar 42 Studios to a private group went down in flames this summer when the original investor was charged with attempted fraud. The former investor planned to buy the property for $40 million, when it was listed for $9.8 million, and receive a $10 million refundable film infrastructure tax credit. The tax credit was neither approved nor paid.
