The property has been in receivership since November 2010.
“The receiver is doing what is in the best interest of all of the creditors,” McGinnis said. “We’re the primary creditor; our debt gets settled first.”
McGinnis said the city and the bank need to agree on any sale to developers.
“You have to marry a developer to the project and re-grasp the project,” he said.
McGinnis said development is on the rise in Grand Haven. He said there are 100 more building permits this year than at this time last year.
Prior to being sold to developers in 2005, the 23-acre site was home of blighted property and contaminated land. The site stretches south from the Grand River to Jackson Street, and west from U.S. 31 to the river-crossing railroad tracks.
While the condos, several restaurants and retail center were built, original plans for the site included a hotel and conference center, several other retail and residential components, office space, an outdoor theater, and an extension of the boardwalk from Third Street to the highway.
McGinnis said there once was “legit and real interest” in developing a hotel in the area, both at Grand Landing and across the highway near Applebee’s.
Sam Perez, who owns Sam’s Tacos at Grand Landing, said he hoped the development could be completed.
“It would be not only beneficial to the business owners in the premises, but it would be highly beneficial to the city,” he said. “It would attract many people to Grand Haven.”
Perez likes his business' location and said the only missing piece is the lack of complete development at Grand Landing.
“Once it’s completed, I think it will be the best decision ever made to bring a restaurant to this location,” he said.
City officials say they are hopeful a new developer comes on board to help increase tax revenues coming from the property.
To read more of this story, see today’s print or e-edition of the Grand Haven Tribune.