The city of Westbrook is promising news about yet another new Saccarappa Park developer in the next few weeks, after realizing the company chosen to put a seven-story building on the property was unable to secure financing for the project.

The city picked the project proposed by Cape Builders and Remodeling of Cape Elizabeth in June. Four developers had submitted proposals. However, after waiting several months for the company to provide evidence it had secured financing for the project, the city is looking for another developer to take on the project.

The city has been trying to get a developer to build on the park for several years. Several years ago, the city backed away from a potential deal with a group of investors that included former Mayor Ken Lefebvre after residents complained about the city’s using the park as a staging area for construction on the boarwalk along the river. Last year, the city rejected two proposals that fell short of the city’s expectations.

Cape Builders and Remodeling of Cape Elizabeth had proposed building a seven-story structure on the park with commercial, retail and residential space.

According to Erik Carson, Westbrook’s director of Economic and Community Development, the city waited several months for Cape Builders to get financing. Carson said Norman Richman, the owner of Cape Builders, said he was in talks with several financial institutions, but he never brought forward to the city any evidence that financing would be coming.

Carson said the city had trouble contacting Richman. The phone number for Cape Builders listed on the proposal was disconnected this week. At the beginning of August, the city sent out a letter giving the company a deadline of Aug. 18 to show it had found or was close to securing financing.

“We needed to have a clear sign that financing was possible,” said Carson. “Show us that there’s money for the project – either there’s a funding source or applications in to lenders.” The Aug. 18 deadline came and went.

Multiple attempts to reach Richman for this story were also unsuccessful.

According to Carson, the city likes the idea of a commercial, retail and residential space, whether it’s as large as seven stories or as small as four stories.

Carson was unwilling to say what developers the city had approached or if any of those developers were part of the four that submitted bids in March. He did say, however, that he hoped to have news on a new developer within the next couple weeks.

“We’re continuing to talk to developers in the area,” he said.

One of the four developers, the Westbrook Housing Authority, was approached by Carson a week or so ago about the project. Director John Gallagher said Carson didn’t say anything definite was in the works, but asked if Westbrook Housing Authority would still be interested in developing the site if the deal with Cape Builders fell through. Gallagher said he would be interested. He said Carson didn’t ask him to do any new design plans to the original design of a five-story, 80,000-square-foot structure with commercial, retail and residential space.

Joyce Talbot of T&T Development of Portland said she hadn’t been contacted by the city since its deal with Cape Builders fell through. T&T’s plan called for retail space only, however, so Talbot acknowledged that the city might not contact her if it was looking for a building that included housing and offices.

As far as the financing falling through, Talbot wouldn’t venture a guess as to what happened, but said Cape Builders’ seven-story structure was an aggressive design and she “wasn’t exactly” surprised the company didn’t acquire financing.

Westbrook City Councilor Ed Symbol agreed with Talbot. “I think it was a concern going in for me personally,” he said. “It didn’t surprise me when it fell through.”