The Northern Michigan University Foundation has sold the former Marquette (Mich.) Hospital site to Veridea Group, a design and development management firm, for $2.5 million.
Ownership of the undeveloped property will be transferred in phases to Veridea, coinciding with demolition completion on the site.
"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," Brad Canale, CEO of the NMU Foundation, said in a news release shared with Becker's.
The foundation, which is a 501(c)(3) nonprofit, will oversee the hospital's demolition while Veridea works to develop a master plan for the site with the city of Marquette.
Demolition of the former hospital began in June of 2023 and is expected to be complete by next March.
"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," Robert Mahaney, CEO of Veridea Group, said in the release.