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LANSING, MI-What began life as a parking lot will eventually become the site of a $120-million medical development project, thanks to the $3.8-million sale of a 1.6-acre, parking lot owned by the state of Michigan. The state’s Department of Management and Budget in Lansing sold the property. The buyer’s name was not obtained by press time.

The new buildings, Spectrum Health Center, a children’s hospital, and Van Andel Research Institute, an organization dedicated to cancer research, will be part of an overall life-science cluster. An older medical building and a parking ramp, already adjacent to the property, will be demolished to make room for the new properties. The property, located in the downtown area, will offer space for four office towers above a new 2,000-space parking ramp. Preliminary work on the site is currently under way.

Recent transactions made by the state of Michigan’s Department of Management and Budget include the sales of the Executive Plaza Building in Detroit for $6.3 million to private investor, Sam A. Danou, and the former Labor Building to Sky Group Grand, a Michigan-based limited liability corporation, for $2.1 million.

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