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'Green Rush' Hits Grand Rapids Real Estate Market

Those hoping to cash in on marijuana in Grand Rapids are working to find places to grow and sell their pot, leading to a scramble that is boosting real estate prices. The city of Grand Rapids has already OK'd medical marijuana provisioning centers, and those centers will likely serve as the model for the distribution of recreational marijuana.

The city has been going back and forth on where medical marijuana centers should be allowed. The result is a map that shows the small patches where they may be located, mostly near the borders with Kentwood and Wyoming and a few others spots here and there. The locations are not, for the most part, prime commercial property.

The limits on where provisioning centers can locate has had consequences that are making getting into the business even more expensive. Experts say that when marijuana is involved, prices can be as much as three times higher than is normal for commercial real estate.

The city has already devoted the equivalent of two or three full-time staffers to tackle medical marijuana development questions amid what has jokingly been referred to as the "green rush." City Planning Director Suzanne Schulz said officials are working to implement changes that could help relax some of the rules and make things more understandable.

Read the full article here.

Article by Barton Deiters,

At our 2019 annual conference, we will have several breakout sessions, including an expert panel on legalized marijuana - you won't want to miss it!

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