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December 17, 2005Hotel-condo project is a goDevelopers close land deal; work starts shortlyPETOSKEY - Developers behind a downtown hotel-condominium project have all the land secured for the project and plan to begin construction in the spring.Dave Jankowski, of Lake Street Petoskey Associates, said the Farmington Hills firm closed this month on property owned by Northwestern Bank. "They were the largest land owner, over an acre," Jankowski said. "All of the other ones were closed on. It was a long negotiation because it was a very complicated deal." That last piece of property in place, developers can move ahead with a seven-story, $50 million project that will take up an entire city block bordered by U.S. 31, Mitchell, Lake and Petoskey streets. There will be a hotel, more than 160 condominium units and 25,000 square feet of retail space. Demolition on several buildings on the two-acre site, including the former Gaslight Cinema building, will begin in March or April, Jankowski said. "We're going to try to move fast. What you'll see first is the foundation and parking structure. You might see some elevation in the fall or next winter," he said. The condominiums will range in price from $289,000 up to more than $400,000, he said. Of 167 units, about 35 are sold, he said. Some of the retail space is also spoken for, though Jankowski declined to release specifics about what stores might move in. "We're looking at things like jewelers to possible high-end furniture stores," he said.
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