The original agreement between Hope Development and the city called for the developer to donate the GrimesPlex to the city after 10 years, but now they have full ownership.
Some steps need to be taken before work can begin on the complex, including approval of changes in the development agreement, approval of a site plan, and awarding of construction contracts.
Construction costs are estimated at $19.5 million. The money from Hope Development will be used to pay for some and the city will finance the remaining portion.
GrimePlex is expected to be done in about 1.5 years, with some fields being ready later this year.
Hope Development & Realty will still be involved with the development of the Hope Entertainment District. This district will include housing, hotel, restaurant, and retail development around the Grimesplex.