STILLWATER, Okla. - A high-dollar retirement community that was supposed to open in Stillwater is now on hold.
Organizers say 'The Ranch' is about 85 percent complete, but investors foreclosed on the property.
Now, those who were scheduled to move into the facility are holding out hope that it will still open.
"Our apartment is on the second floor, it's a two bedroom with a balcony," said Ronald Beer.
The facility was designed to accommodate those who are 62-years-old and older with fitness, health and memory care services.
Beer, who is also the chair for the board, says progress was being made on the project, which was under budget.
However, that all changed.
"It's in foreclosure at the moment," he said.
The Ranch hired a company to help market the property and increase sales. However, it learned that the entrance fees, which range from $150,000 to $550,000, was too high for the area.
"They recommended a reduction and the bond investors found that to be unacceptable," Beer said.
Beer says the bond holders figured there was no way the reduced fees would be enough to cover enough of the bond debt. As a result, funds were frozen on the $110 million project.
"Which caused Wietz construction and all the subs to leave the project," he said.
On March 2, the Weitz Company filed a lawsuit against The Ranch for more than $15 million in outstanding payments. The bond holder filed a counter suit.
While the case plays out in court, many people who already put money down are wondering what is next.
"Their money is secure and they have certainly every right to request a withdrawal if they wish," Beer said.
Beer just hopes a company will buy the property and finish what was already started.
"It is our hope, our strong desire that will happen not in the not too distant future," he said.