A key creditor at the center of Detroit's historic 2013-14 municipal bankruptcy is asking for two more years to acquire an east Detroit riverfront property it received development rights to in the case.

Pike Pointe Holdings LLC, a subsidiary of Syncora Guarantee Inc., currently has until Dec. 10 to exercise an option to acquire properties at 2290 E. Jefferson Ave., 2310 E. Jefferson Ave. and 301 Chene St. totaling 2.11 acres; it is asking for an extension until Dec. 10, 2021, to exercise its option on the property, according to a bankruptcy court filing filed late Wednesday.

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

The creditor subsidiary says that development activity around the property has decreased and that its planned development — which would also include an additional 6.79 acres with the parcels at 2200 Franklin St., 2263 E. Atwater St. and 281 Chene St. — is complex, which under an agreement with the city, it says, merits the extension.

It also says that upon receiving title to the property, it would have 15 months to begin construction or the city could take the properties back. At this point, the subsidiary says, that 15-month time frame is unrealistic.

The motion says that Pike Pointe envisions 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.

The company says its request for an extension is reasonable because of the "enormous efforts" it has put forth in working with the city to develop the properties the last five years; that the city said two months ago that itself wanted to extend it; and that the Dec. 10, 2021, deadline would give it the same deadline as the other 6.79 acres.

Pike Pointe said it is willing to drop its request to terminate the parking agreement for Aretha Franklin Ampitheater (formerly Chene Park) in exchange for the extension. The Right Productions operates and manages the theater.

The city says in response that Pike Pointe has had five years to work on the development and that it offered to extend the deadline by four months, not two years, to resolve the issue that would arise if theater goers could park on the property.

"As the city explained to Pike Pointe, Pike Pointe self-created an 'emergency' by waiting until the 11th hour to file ... despite knowing about the December 10 deadline for nearly five years," the city says in its objection filed in bankruptcy court.

"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.

In addition, the Pike Pointe motion says the city had been considering cancellation of concerts altogether at what was then Chene Park in favor of another venue, but then it was renamed Aretha Franklin Ampitheatre after the death of the legendary singer last year.

"The parking in the area of the amphitheater already is insufficient, and if one or both of the subject properties are no longer available for parking because they are under development, the operations of the ampitheater would be negatively impacted," the motion says. "For this reason, Pike Pointe opened a dialogue with the city to determine how this problem could be resolved."

However, the subsidiary also notes that "continued use of the subject properties as parking lots for the amphitheater would substantially limit the value of the subject properties."