PETOSKEY -- The bank holding the mortgage for a stalled development in Emmet County now owns the property.

PNC Bank decided to buy Petoskey Pointe instead of auctioning it off.  The price tag of the property was $1,280,540

The property was in foreclosure because the developer, Lake Street Petoskey Associates, owed about 5.5 million dollars on it.

PNC Bank can't sell the property right away, they have to give the developer 6 months to try and buy it back.