Money crunch for Seasons on Lanier developer

UNDATED - The developer of Seasons on Lanier is having financial difficulties with much of the project yet to be finished.

A posting on Levitt Corporation's Web site (see link below) says the subsidiary developing the 744-home project for people 55 and older recently - Levitt & Sons - failed to pay $2.6 million dollars in interest to its five lenders.

The parent company itself has already loaned Levitt & Son $84 million to help with its cash crunch and says it is hesitant to make additional loans "under the circumstances that exist."

The posting goes on to describe the viability of Levitt & Sons as "uncertain" but says negotiations with the lenders are continuing.

Ground was broken in July 2005 and construction began in February 2006. The site is on one corner of the McEver Road/Browns Bridge Raod intersection and actually includes property on both sides of Browns Bridge west of McEver.