Plans to bring high-end rental housing for seniors to Lantana are on hold after the developer was unable to secure financing for the project.
Fort Worth-based Cadence Capital Partners met with several banks but was unable to get a financial commitment to ensure the project could be built, according to Tony Ruggeri, Vice President at Republic Property Group, Lantana’s developer.
“The market is wary of age-restricted community deals right now,” said Ruggeri.
Republic announced last October the sale of 5.58 acres on Copper Canyon Road to Cadence for a 102-unit residential development called The Aspens at Lantana.
The Aspens was planned as a gated community with two to three story apartment homes for residents 62 and older with amenities such as a swimming pool and courtyard, greenbelts with gazebos and walking trails. Ground was supposed to be broken this year on the project, with an anticipated 2013 opening.
Ruggeri said that Republic is meeting with other developers to get the project moving again.
“This setback is unfortunate, but our market study shows that an active adult community is needed in our area,” said Ruggeri.
“We are working on it and are actively looking for a new developer for the parcel.”