The Petoskey City Council voted Monday night to accept a proposal to partially fill the property known as Petoskey Pointe.
Northwestern Bank, who owns the property, outlined a plan in April to fix current structural issues to meet city property ordinances and standards.
The bank proposed that the hole is partially filled with sand. It also calls for the hole to have slopes supporting the retaining walls which are currently deteriorating.
Another part of the plan that addresses city concerns is the fences surrounding the property. The bank says they will replace the fences to make it easier for downtown visitors to access the sidewalks surrounding the hole.
Petoskey Pointe, which was once a planned hotel and condominium complex, has been sitting vacant for six years.
Petoskey City Manager Dan Ralley tells 7&4 News work can begin on the site as early as June.