The Gun Lake Tribe of Potawatomis and Nottawaseppi Huron Band of Potawatomis announced Wednesday they have together purchased the McKay Tower in downtown Grand Rapids for $17.5 million.

The McKay Tower, billed as the first high-rise building in Grand Rapids on Monroe Avenue, will continue to serve as a site for apartments, retail, offices and venue space. The Tribes’ bsusiness arms, Gun Lake Investments and Waseyebek Development, are handling the transaction.

Gun Lake Investments CEO Kurtis Trevan commented in a prepared statement, “When McKay Tower came on the market, we believed it represented an attractive acquisition opportunity and we were excited about the opportunity to continue its historic legacy in downtown Grand Rapids. As we continued to explore the opportunity, we thought it could be a great opportunity for us to partner with Waseyabek Development Company.”

Waseyabek CEO Deidra Mitchell said, “We are excited to invest in such an iconic and visible property in downtown Grand Rapids. It’s a great building with a great legacy. It has many new enhancements, and it serves as a beacon of commerce in the downtown area.”

Representatives from both tribes said the purchase is a rare example of co-investment in a non-gaming asset and promised the move would generate jobs and promote the city’s economy.

Gun Lake Tribal Council Chairman Bob Peters said, “As a Native American tribal community with deep ancestral roots in the region, we have a historical bond with the land around Grand Rapids. We are proud of Gun Lake Investments to have invested in such an important property on behalf of our citizens.”

The building was erected in 1914 by Grand Rapids National Bank and additions were made in 1926 and 1940. The name was a result of Frank McKay buying it in 1942.