East Garrison Partners a firm that included new urbanist developers Ian Gillis and Keith McCoy lost

East Garrison Partners, a firm that included new urbanist developers Ian Gillis and Keith McCoy, lost its East Garrison project in Monterey County, California, in September when the main lender, GMAC, refused to continue financing the mixed use development. The Monterey County Herald reported that East Garrison Partners — which included Gillis and McCoy’s firm, Urban Community Partners — defaulted on about $62 million in loans. Union Community Partners, a San Jose firm that buys distressed properties, acquired the development for $22.5 million, the newspaper said. Gillis and McCoy played a key role in East Garrison Partners, working for eight years to plan a mixed use development on land that had been part of Fort Ord. Some of the infrastructure was installed before the national real estate crash brought construction to a standstill. McCoy told New Urban News that the new owner will probably get housing constructed on part of the site, but may sell off the portion that has been intended for a walkable town center. “The community really wants to see it developed the way it was planned,” McCoy said. “Maybe we can get [the town center] back.” Gillis and McCoy had conducted an extensive process with Live Work Learn Play to line up an attractive mix of restaurants, stores, and other businesses for the center. Some of those business would still like to locate there when the center is built, McCoy said.