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home : news : news October 13, 2015

1/1/2014 12:01:00 AM
Local developer pulls out of Petoskey project
Petoskey's "big hole"-- the defunct Petoskey Pointe project that left behind a city block's worth of empty space-- closed out 2013 with a whirlwind week.

The Cottage Company of Harbor Springs, which had been set to purchase the property, and had been presenting ideas for several months for a mixed use development, including retail, residences, and an "iconic" hotel, announced it no longer had the land under contract. Just days later, however, a new buyer-- Elias Amash-- was reported to have closed on the property, which was owned by Northwestern Bank.

Mossburg, who still plans to construct the Hotel Janelle in Harbor Springs, ran up against concerns about the height variances needed for a hotel on the Petoskey Pointe project.

"Obviously, a new development project of this magnitude must be economically viable," Mossburg said. "Without a clear idea of what would likely be approved by the city, and with time expiring on our purchase agreement, such a determination became difficult. Accordingly, our investors perceived the financial risk, at least at this this juncture, to be too high to proceed with the site acquisition."

Mossburg noted in a press release the Cottage Company hoped to be involved in the Petoskey Pointe property if a project should move forward.

According to a report in the Petoskey News Review, Amash, a 41-year-old business man from Grand Rapids who owns GRIP-On Tools, purchased the property as a "legacy" for his two sons and future generations in Petoskey. Amash and his family own a second home in the city, the newspaper reported.

Amash told the News Review he has no plans for a large-scale development like what was proposed by the Cottage Company.

Attempts to contact Amash before this newspaper's holiday deadline were unsuccessful.

Related Links:
• Petoskey News-Review report

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