"The bank is foreclosing. We don't know when," said Bob Silverman, president of Atlanta-based Winter Properties.

The problem, he said, is that people who want to move there can't sell their homes, and that restaurants who want to locate there won't move in until residents come first.

Last summer, in 2008, Meeting Park staff hosted a grand opening celebration. But now Regions Bank has been running foreclosure notices in the Journal for a listed $23.5 million debt. Silverman said he's paid a portion of that off, although he declines to reveal how much.

"It's such a shame," said Silverman.

Dunaway said Silverman notified him of the notice in the paper when it was published.

"If it had taken place it would have meant a great deal to the downtown area. It would have been the most significant advances to the downtown area, period," Dunaway said, adding, "and maybe it still will be."

Fifteen townhouses are ready for occupancy, but stand empty. Silverman said one sold, but when the buyer saw that no one else was moving in, Winter let her out of the contract because she didn't want to be alone.

Winter purchased the 12-acre site at Waddell and Waterman streets for $8.4 million from the Marietta Housing Authority in April 2006. The site formerly housed the 132-unit Clay Homes complex, built in the 1940s for workers at the Bell Bomber plant. Winter was originally approved to build one five-story, 70-unit condominium building. Amid changes in the housing market and customer requests, the firm obtained approval in early 2008 from the Marietta City Council and Housing Authority to build three 30-unit condo buildings with office and retail space on the first level. But those have yet to be built.

"We can't get financing for the condos," Silverman said.

Silverman said he has not been in contact with the bank, and does not know when his development will be sold to the highest bidder. But whoever ends up buying it from the bank, Silverman said he hopes Winter will still be permitted to stay involved with the project.

"It's our baby. I love Marietta," Silverman said.

Dunaway also hopes Winter still stays involved.

"He's a quality developer with a great track record and I think through no fault of his own if the timing, somehow or another, if he started two or three years ahead of time, he'd be finished ... and it's just a shame. I really hope that whenever and however the bank disposes of the property that Winter is still involved because they're quality people," Dunaway said.

What was to be another key development for the city, the proposed $50 million mixed-use Marietta Walk off Powder Springs Street, being developed by Myrick Co. of Alpharetta, is nothing more than an empty lot with drive-ways and streetlights.

In April 2006 Myrick Co. bought the 12-acre site where the former public housing project known as Johnny Walker Homes was located, paying the city $3.1 million. The Marietta Housing Authority sold Johnny Walker to the city in 2003 after its own development plans ran into obstacles with the U.S. Department of Housing and Urban Development.

The project called for about 50,000 square feet of retail and office space and 45 residential condominiums in two buildings on Powder Springs Street. The remaining 10 acres of the site would hold 58 town homes and 18 single-family detached homes.

"Myrick has informed us that they are marketing the back part of the property for sale - they are looking for a residential builder that would build out the single-family houses and town homes as laid out in their master plan," city manager Bill Bruton said Thursday.

"They also are looking for potential commercial and office tenants for the buildings to be built on the front of the property along Powder Springs St.," he said.

Bruton said Myrick has been marketing both since the first of the year.