Lutz won't pursue option on Sugar Loaf

The Record-Eagle (and today’s Enterprise) report that Brad Lutz, who signed a purchase agreement for the resort in February, announced Tuesday he won’t close because he hasn’t finished his review of the deal.

“We’re still very interested in Sugar Loaf. We’ve done a lot of work out there and we still have a good plan for the property,” Lutz said. “But we couldn’t accomplish in 90 days what others haven’t been able to accomplish in eight years.”

…Lutz declined to discuss his plans in detail, but said he wanted to make the resort more of a four-season attraction in Leelanau County. He said he also needed more time to work on details like county and township approvals for renovating the property, tying down building demolition costs and reaching and resolving sewer issues as the resort’s sewer system is not part of Wickstrom’s holdings.

Read Purchaser pulls back on Sugar Loaf deal in the Traverse City Record-Eagle and also see Offers for Sugar Loaf shot down from the Leelanau Enterprise.

The photo is (still) waiting for Sugar Loaf by Andy McFarlane (who is still (still) waiting for Sugar Loaf).