I suspect that the database is trying to resolve an external data source reference to the hosted fiel that is now invalid due to moving the hosted file. In some circumstances, Filemaker takes many minutes to try to resolve such an invalid reference.
Do you have FileMaker Advanced?
If so, and if your file has a start up script, you can launch FileMaker without opening this file, enable the script debugger and then try opening the file. You may be able to then halt the start up script and go to Manage | External Data Sources to update the reference to the hosted file.
If not, you might try being very patient with the file. It might go ahead and open after a very Looooong wait. And then you can update External Data Sources
If all else Fails, try moving the file back to its original server, open manage | External Data Sources and temporarily clear any that refer to the hosted file(s) that you are moving. Then Move the hosted file back to its new server and return to the External Data Sources window so that you can now update any that refer to the hosted file.
Is your "local file" a FMP file? I think you said you tried to open the "local file" directly and it didn't open either. If you did try to open it directly and it didn't open, then your "local file" is damaged and should be Recover....
One other method is to turn your FMP Server off and open the FMP db directly with a FMP application to see if it is what Phil suggested.
I was able to open the local file using FileMaker Advanced and enabling the script debugger.