Former Marquette Hospital Site Buyer Pulls Out Of Deal

The buyer for the former Marquette General Hospital campus is pulling out of the deal.

Veridea Group entered into a purchase and sale agreement last November with a subsidiary of LifePoint Health to acquire the 21-acre site.  That agreement was subject to satisfactory due diligence results and certain other conditions before there could be a transfer of the ownership of the property.

In a statement released Thursday by Veridea Group President Robert Mahaney, the company discovered a number of significant issues that affected their ability to execute its redevelopment plan.

“Despite the best efforts of both parties over many months to resolve these matters, at this point in time we remain without a mutually acceptable solution,” said Mahaney.

Those issues were not elaborated on in the statement, but as a result of those findings, Veridea notified LifePoint of its decision to terminate the purchase and sale agreement.

We do this with great regret as we believe the redevelopment of the now vacant campus is critical to the City of Marquette, its residents and especially the surrounding neighborhood,” Mahaney said.  “We will continue to engage with LifePoint and support their efforts to bring about successful redevelopment of this property.”

Mahaney added, “While we are disappointed in being unable to move forward with the MGH campus, we remain fully committed to Marquette and the Upper Peninsula. In fact, we have a number of exciting new development projects in our pipeline for Marquette and across the peninsula that will deliver new investment, jobs and community amenities upon completion. These include the new mixed-use building planned for downtown Marquette, the second building in our Harbor Vista Residences, and potential development of the former Cliffs Dow property.”