A parking ramp in the region has been sold to a developer.

The Kalamazoo City Council approved the sale of the Arcadia parking facility, or Parking Ramp No. 4, to Kalamazoo-based PlazaCorp for $3 million.

A condition for the city to sell the ramp is an economic impact analysis of the planned development at the site by the developer, which plans on investing $40 million in the area of the ramp between 2017 and 2020.

PlazaCorp commissioned the study from the Kalamazoo-based W.E. Upjohn Institute.

In the next five years, the project would include a 118-room hotel, a renovated building with 22 residential units, redeveloping 40,000 square feet of vacant office and retail space and potentially a second hotel in 2021, according to the economic impact study.