The original developers of Bretagne, a 300-acre gated community planned off Barberville Road, are the latest victims of a poor economy.
Troy Ludemann, one of the three developers working together on the project, said the group has sold the development to private investors after failing to secure funding to continue developing the community.
Ludemann declined to name the private investors.
"We were at the point where we were doing funding for the next portion, but it was delayed and delayed because the institution we were dealing with was having problems of their own," Ludemann said.
"At that point, we decided we needed to seek alternate financing to make the project successful."
None of the plans for the development will change, Ludemann said.
More than 100 home sites have already been sold in the community, where the lowest cost homes sell for around $600,000. Several building permits have also been applied for and Ludemann expects construction on the first home to begin soon.
The main buildings on the property, including a greeter's cottage that will flank the main entrance and the community building, called the Manor House, will begin construction in mid to late October.
Ludemann, who has been involved in several developments around the area and is considering another in the Panhandle, said the development group, Bretagne, was disappointed to sell the project but glad to find private investors to continue their work.
"Desperate times call for desperate measures," Ludemann said.
"Our main goal was to make sure the project would be successful and that's what we've accomplished so far. We're all very happy."