Economy
8:26 pm
Mon February 14, 2011

Site that was to become movie production studio for sale again

The largest portion of a former General Motors Plant in the Grand Rapids suburb of Walker is back up for sale. The more than quarter-million-square-foot space was to supposed to become a massive movie studio known as Hangar42.

Financing for that project did not work out. Some people in connection with the project, including Jack Buchanan Jr., face charges of allegedly committing fraud against the state for taking tens of thousands of dollars in film tax credits for the project. Buchanan Jr. professes his innocence in that case

His father, Jack Buchanan Sr., owns the property.

“You know it’s unfortunate we get some bad press with this Hangar42 because of what they – they’re unable to pull the deal off. But on the other hand this has been a wonderful thing for the community.”

He says several other projects at the former factory have been successful, bringing hundreds of jobs to the region.

 “People ought to be talking about that as a great success story and rehabbing an old factory building that otherwise would be sitting vacant and bringing our community down.”

The asking price for the space is Jack Buchanan Senior listed the property $7.4 million.