Petoskey Pointe Extension Granted

The Petoskey City Council recently voted 4-1 to extend a deadline for "substantial completion" of the Petoskey Pointe Project from early November of 2008 to December 31, 2009. The deadline is part of an agreement between the City and Lake Street Petoskey Associates, the Farmington Hills developer of the Project. According to published reports in the Petoskey News Review, work on the hotel/retail/condominium project stalled last year after National City Bank withdrew its financing. The Developer requested an extension of the deadline in December of 2007, indicating that new financing arrangements involving overseas funds were close to being finalized. To provide protection for the City, the resolution approved by the City Council calls for financing to be demonstrated and construction on the project to resume by March 15th.

Petoskey News Review vs. Traverse City Record Eagle

"Groundwork to start soon" - Front Page Headline,
Petoskey News Review, July 6-8, 2007 Weekender Edition

"Work on project halted while financing is sought" - Headline, Traverse City Record Eagle, July 11, 2007 Web Edition

So who are we to believe? The News Review, citing the developer as its source, or the Record Eagle, which cites both the general contractor, JM Olson Corp., and construction liens filed with the Emmet County Register of Deeds?

According to the News Review article, the developer "dismissed recent rumors suggesting that Petoskey Pointe wouldn't come together as planned."

According to the Record Eagle article by Brian McGillivary, Petoskey Pointe Construction is on hold because the developers haven't paid bills totaling more than $2.1 million. Additionally, the article notes that three firms, including the general contractor, have filed liens on 13 parcels owned by the project developers. When contacted by the Record Eagle, Petoskey Pointe development partner Martin Jankowski indicated that "we actually have our loan now, a gap loan, and we've got everything straightened out.”

Stay tuned. . .

Petoskey Pointe - The Big Dig

Here is a photo I took on Friday morning showing the progress being made on the Petoskey Pointe project. Unseasonably warm weather in Petoskey so far this winter has meant very favorable conditions for excavation and construction of the foundation. An underground parking structure is planned for the site.