Developer frustrated by inability to finance transit-oriented project

Frustrated by an inability to get financing for infrastructure construction, developer Steve Soler told The New York Times in June that he would like to sell the $300 million transit-oriented development in Redding, Connecticut, that he has been working on for the past seven years. “We have been looking for a buyer to take the whole thing,” said Soler, whose Georgetown Land Development Company has made progress on demolition, environmental cleanup, and a new wastewater treatment facility at the 55-acre site of a disused wire mill. TCR Northeast Land Acquisition, an affiliate of Trammell Crow Residential, backed out of an agreement to purchase the land on which the project’s townhouses and lofts would be built, the Times reports, because of the difficulties with TCR’s equity source and because Georgetown Land had been unable to obtain infrastructure financing.