The Northern Michigan University Foundation announced on Tuesday that it has executed the sale of the former Marquette General Hospital site to Marquette-based real estate firm Veridea Group. (Journal file photo)

MARQUETTE — The Northern Michigan University Foundation announced on Tuesday that it has executed the sale of the former Marquette General Hospital site to real estate firm Veridea Group, based in Marquette.

The undeveloped property was sold for an independently certified appraised value of $2.5 million.

“We are grateful to the many partners in our community and across the state who have steadfastly worked alongside us to arrive at this important point,” said Brad Canale, CEO of the NMU Foundation, in a news release. “This is the culmination of years of hard work and countless hours of community engagement to facilitate the transformation of the former Marquette Hospital site and revitalize the surrounding neighborhood. It shows what can happen when community-minded people come together around a shared vision and set their sights on accomplishing big things.”

Veridea Group had previously been chosen by the NMU Foundation’s Board of Trustees and the city of Marquette to redevelop the property. The property ownership will transfer to Veridea in phases happening alongside site demolition completion, and the NMU Foundation will continue overseeing the hospital site’s demolition.

In consultation with the city of Marquette, Veridea Group will continue working on developing a master plan for the site.

“The NMU Foundation has been instrumental in bringing all of the necessary partners to the table to ensure that the former Marquette Hospital could be transformed from a blighted property into something that can be a hub of activity for our community,” said Marquette City Manager Karen Kovacs.

In June 2023, demolition work on the former hospital site began and currently exists in three phases. Phase one, including waste removal, backfill, demolition and rough grading, is nearly complete, as is phase three, which includes parking lot removal, topsoil and seeding. The final bulk phase will focus on demolishing the Blood Bank Building, Bridge Building and Neldberg building, with expected completion by March. The overall project is anticipated to be finished in late next year.

Housing, retail and commercial space, greenspace and pedestrian pathways are identified potential developments for the properties sold to Veridea Group.

“This transaction marks a milestone event for our community and NMU,” stated Robert Mahaney, Veridea Group’s CEO. “…We are eager to put shovels in the ground and start building. We look forward to sharing our current vision and site plans with the public in the coming months, in anticipation of commencing the first phase of construction in 2025.”

A full explanation of the project and additional information can be found at renewcollegeavemqt.org.