A subsidiary of a Detroit bankruptcy creditor has backed down from a lawsuit it filed in federal court earlier this month asking for more time on an east Detroit riverfront development.

Pike Pointe Holdings LLC, a subsidiary of Syncora Guarantee Inc., sued the city Nov. 13 to get an additional two years, until Dec. 10, 2021, to take title to a piece of property totaling 2.11 acres so that it could couple that site with another 6.79 acres it received development rights to in the 2013-14 bankruptcy case for a large mixed-use project.

Pike Pointe instead plans to take title to the 2.11 acres by the current Dec. 10 deadline after the bankruptcy court denied a motion for an expedited hearing on the matter, meaning that months of litigation would likely ensue beyond the deadline. The deadline to take title to the 6.79 acres is Dec. 10, 2021.

The 2.11 acres is at 2290 E. Jefferson Ave., 2310 E. Jefferson Ave. and 301 Chene St., and the 6.79 acres is at 2200 Franklin St., 2263 E. Atwater St. and 281 Chene St.

Under its agreement with the city forged during the bankruptcy case, it has 15 months after obtaining the title to the 2.11 acres to start construction or Detroit can take the property back. At this point, that's an unrealistic time frame to start a project, Pike Pointe said earlier this month.

"Pike Pointe is not interested in another drawn-out fight with the city in court," the company said in a statement Tuesday afternoon. "Its goal from the start has been to work collaboratively with the city on a revitalization project that would have transformed these crumbling surface parking lots near Chene and East Jefferson into new residential and retail space.

"Pike Pointe is still hopeful that it will be able to partner with the right developer to improve the property for the benefit of the east riverfront community as best as possible under these circumstances."

Its motion earlier this month said the subsidiary envisioned a development with a 3,500-car automated parking system, 300 apartments, 100 furnished condominiums, a 256-room hotel, 60,000 to 100,000 square feet of office space and 60,000 square feet of retail space.

A message seeking comment was sent to John Roach, director of media relations for Mayor Mike Duggan.

Earlier this month, the city said in a court filing:

"Pike Pointe's delay and neglect is inexcusable. Having had five years to engage a developer and timely move forward with a development plan, Pike Pointe has done little more than attempt to 'flip' the property for a quick cash out. Pike Pointe has ignored its development obligations and shown absolutely no grounds for an extension."

The subsidiary says part of the delay is attributable to changing development conditions, including a new East Riverfront Framework Plan, the community benefits agreement ordinance and changes in Detroit leadership in planning and development.

Pike Pointe also asked that the bankruptcy court require the city to nix an agreement that allows the operator of the Aretha Franklin Ampitheatre — The Right Productions — to use those properties for parking because it believes it "limits the value" of the properties.

The subsidiary is not dropping that part of its lawsuit.

"The city has advised Pike Pointe that it can and will cancel that contractual arrangement prior to conveying title to Pike Pointe," the lawsuit withdrawal reads. "Pike Pointe will withdraw the remainder of the motion if and when this issue is resolved."