Company Looks for New Partner in Apartments Project

A company looking to build apartments across from the Odenton Volunteer Fire Company said it is looking for a new development partner, after a previous builder was unable to find financing.

The Hogan Company, which owns land at Nevada Avenue and Hale Street in Odenton, said it is still committed to developing more than 200 apartments at the site, and hopes to secure a new partnership before the summer.

The company had previously struck a deal with Bonaventure Realty to develop the site, but the partnership fell through when banks failed to loan the money for construction.

"We're still in the driver's seat to find another end-user for the project," said Tim Hogan, vice president of The Hogan Companies. "We're looking for building partners and hope to find one in the near future."

The project has been alternately referred to as "Aura at Town Center" and "Alta at Town Center."

Hogan said the project would cost about $40 million, and borrowing that amount of money has become more difficult in recent months.

"Banks aren't lending $40 million lightly," he said.

Hogan's efforts to build the apartment complex have hit numerous snags over the years. Several previous partners backed out of deals of the land.