He did not divulge the terms of the settlement, but says plans call for construction to begin this summer with model homes open by spring 2003. The company wants to build a 160-home residential project and a golf course on 400 acres in the area of Humbug Marsh in Gibraltar, in the Downriver area of metropolitan Detroit.
The piece of land was formerly used as a dump and for duck hunting. Resident protests held up the project, and a dispute with the Army Corps of Engineers made the company leave 3.9 acres of wetlands alone.
The banks that had loaned $2.8 million for the project wanted to sell the land at auction to recover their money, but Merriweather says a settlement was reached this week.
The development will be built in three phases. The first phase will be around the riverfront area, while the second phases would involve building a bridge to Humbug Island and building dwellings and a marina there.
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