A developer who sought a U.S. Housing and Urban Development, or HUD, loan for a senior development in Forsyth County has asked to withdraw the application.
Almquist Hansen decided it was "time to seek other methods of financing its proposed Forsyth County project," according to a statement Friday from attorney Ethan Underwood.
The Kennesaw-based developer came to the county in the spring with a proposal for a nearly $4 million Section 108 loan to help fund construction of Towne Club at Windermere, billed as a high-end senior rental housing community.
The some $30 million project qualifies for this type of HUD loan because it would reportedly create jobs for low-to moderate-income workers.
The local government, in this case Forsyth County, was needed to submit the application and, if the loan were approved, act as a conduit between the developer and state and federal governments.
Underwood could not be reached for additional comment Friday.
An e-mail from CEO Greg Almquist did not go into further detail about possible financing mechanisms, but confirmed the developer remains committed to the project.
Forsyth County commissioners likely will vote Tuesday to withdraw the application from the state.
Commissioners voted 3-2 earlier this month not to hold the next required public hearing on the matter, which stalled the process.
That vote followed a letter from the Georgia Department of Community Affairs, which stated Forsyth’s future grant funding could have been at risk in case of a default on the loan.
Records show the county has not sought a DCA grant in the past.
Towne Club at Windermere would be modeled after the Peachtree City Towne Club.
According to the developer, the project could bring 150 new, permanent jobs, plus over 200 construction jobs to the area.
The community is slated for an 18-acre property, owned by Windermere Village Holdings, on Windermere Parkway near Trammel Road.