The frustrations over Petoskey's biggest eyesore may be over soon.
The Cottage Company of Harbor Springs announced the pending purchase of the Petoskey Pointe property Friday.
"At this time, specific plans for the property have not been determined as our first priority is to support Northwestern Bank in their efforts to improve the aesthetics of the site," said Rob Mossburg, of the Cottage Company.
Mossburg says the company will be guided by "certain core values" when building a new structure, including authentic architecture, appropriate scale and prevailing local sentiment.
The company plans to close the deal this summer, but says they are in the "early stages" of planning and there is no definitive timetable for construction.
The property, which was once planned to be a hotel and condominium, has sat vacant for six years. Plans from the City of Petoskey and Northwestern Bank, which owns the property, to fill the pit and fix structural issues was approved and will still happen next month.