MARQUETTE, Mich. (AP) - (8/2/19) - A developer is backing out of a plan to acquire and redevelop a 21-acre former hospital campus in Michigan's Upper Peninsula.
Veridea Group says it's terminating the deal "with great regret." It had announced plans in December to purchase the College Avenue complex in Marquette, which included 800,000 square feet (74,322 square meters) of buildings, some homes and vacant lots.
In a statement, Veridea president Robert Mahaney says significant issues were discovered during a review period. He didn't elaborate.
The former Marquette General Hospital site is controlled by a subsidiary of LifePoint Health.
Mahaney says redevelopment of the site is "critical" to Marquette.
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