Bay Hill goes under
The Leelanau Enterprise reports that McKeough Land Company, developer of the Bay Hill project (Leland Township off M-204 at Hoeft Road) has gone out of business.
“Unfortunately, we just couldn’t weather the real estate and credit crisis,” company president Mike McKeough was quoted as saying in a news release provided in response to an Enterprise query.
“Our cash flow really began to seize up in the beginning of 2008,” McKeough said. “And although we had many terrific properties with apparent equity, like Bay Hill of Leland, we just couldn’t raise the necessary capital to continue operating as McKeough Land Company.”…A new company, Terra Firma Management, has been established to manage, market and sell McKeough’s holdings, offering many of its properties at “bank pricing” that in some cases may be 65 percent below previous list prices.
Photo: Dark times on Bay Hill by Andy McFarlane
43 of the 51 lots at Bay Hill are privately owned by individuals. The first beautiful home will break ground in the spring. The remaining 8 lots are being offered at prices the market will bear in 2009. The project will continue to be managed by myself and 5 other owners. The landscaping and maintanance will continue the high quality care as in the past. Questions please give me a call. 231-645-7960. Kim Bunbury
FYI Although McKeough Land Company is no longer in business, the Bay Hill of Leland Property Owners Association is solid and strong. Our architecutual review committee consistis of 2 architects and one landscape architect. Owners who are committed to the long term beauty of the Bay Hill hillside and who love the Leland area.
Thanks for sharing the additional info, Kim!
We can only hope that this beautiful hillside which I see from my road (641 North-East Leland area) will not not face the inappropriate, dense housing development that is was facing prior to McKeough’s demise. I for one am thrilled that development in Leelanau is slowing down!