Construction on the much anticipated Bloomfield Park project stopped abruptly Wednesday.

Bloomfield Township officials were notified by Cleveland-based Developers Diversified Realty Corp. that because of the "current credit crunch," funding is unavailable to help finish the project, Township Supervisor David Payne said.

The 600,000-square-foot project along Telegraph Road , north of Square LakeRoad on the Bloomfield Township-Pontiac border, is slated to include residences, 80 retailers and restaurants, a movie theater and medical offices. Work was scheduled to be completed by fall 2009, Payne said.

"We are disappointed to have a project started and then have it halted," Payne said. "We have a lot of positive activity happening on Telegraph Road with a new Target store and next week the opening of a bigger Costco. It's a lot of positive redevelopment and activity and Bloomfield Park was going to be a big part of it. So we hope to see it finished."

The development has been 16 years in the making due to border wars over the 93-acre parcel that involved annexation and legal challenges between the township and Pontiac.

Township officials were told that until a funding source is identified, the project won't move ahead.

The $350 million venture is a joint project between Developers Diversified and New-York based Coventry Real Estate Advisors. Based on the agreement, Coventry is responsible for 80 percent of the equity required for the development and hasn't outlined additional funding for the work, according to a press release issued by Scott R. Schroeder, vice president of marketing and corporate communications for Developers Diversified.

Original story - DetNews.com