What was once a major project at the corner of U.S. 31 and Jackson Street is in receivership as officials wait for buyers for the Grand Landing properties.
Dave Distel, managing director at O'Keefe & Associates, said the Grand Landing property was placed in receivership care in November 2010.
According to Distel, the bank didn't foreclose on the property and the project isn't in bankruptcy. Instead, Grand Landing LLC and its lender, Comerica Bank, entered into an agreement to put the property into a receivership.