MAITLAND — The clock is running out on the developer who has worked for years on a plan to remake the heart of Maitland's downtown.

Traditional funding sources have dried up in the wake of Florida's real-estate bust since September 2007, when the city signed a contract with developer Bob Reese's The Brossier Co. to build a town square with hundreds of apartments above shops, restaurants and offices on the two blocks north and south of Horatio Avenue between U.S. Highway 17-92 and Maitland Avenue. As part of that deal, Reese would also build a new City Hall and fire station.

Now Reese is scrambling to cement a deal for $455.5million from private investors. The City Council has vowed to rebuild City Hall and the fire station on their existing sites if Reese can't come up with his funding by April15.

The City Council appears split between those inclined to give Reese more time and those who want to part ways.

Reese's team includes partner Michael McCall in Baltimore, who developed the marketplace around Faneuil Hall in Boston and led a joint venture with The Walt Disney Co. Reese is also working with Bob Ward, retired senior vice president of international development for Universal Parks and Resorts and now a consultant for destination resorts.

Earlier this month, Reese told the city he was traveling with Ward to L.A. to visit luxury town-center projects similar to the vision for Maitland.

The city has depended on Brossier to build a new City Hall and fire station with up to $8.4million in bond proceeds approved by voters in 2004. The current city facilities would be relocated to another site, provided by the developer, to free up space for Brossier's pedestrian-oriented shopping district. Brossier, in exchange for increased density and square footage, agreed to give the city $764,000 for a parks trust fund, improvements at Quinn Strong Park, and $200,000 plus annual contributions to the Maitland Art Center.

Long-running saga

Getting financing has been difficult. A previous developer, the Ustler Group, pulled out in 2005, citing various reasons that included escalating land prices.

Reese tried to keep the details of the latest funding prospect secret until the deal could be sealed. The developer asked the city not to share or discuss his December funding agreement with an underwriter, which he offered to prove his credibility and progress on the project. On Feb.23, Community Redevelopment Agency Director Verl Emrick told Reese that the Orlando Sentinel had a copy of the agreement, which was sent to city commissioners and some staff.

"I cleared everything referencing the agreement from my computer when you told us to — so I am at a loss to tell you where it came from," Emrick wrote in an e-mail to Reese. "That being said — don't know if you can quash any reference to the company—????"

Reese replied: "This is exactly what I was afraid of but only have myself to blame. I felt it was important for you to see the document I just forgot to blank out the proprietary parts. Please keep it as confidential as possible."

When the Sentinel asked about the e-mail exchange, Emrick said he didn't destroy the public records but moved them to another file.

"The stuff is still there," Emrick said.

The Arizona-based underwriter named in the agreement, Caledonian Consulting Group, has been working with a private equity group for more than a year, according to an e-mail from Reese to Emrick.

Caledonian CEO Karra Drakes would not comment.

"We are Not interested to answer any of your questions," Drakes wrote in an e-mail to the Sentinel this week. "There is nothing for you to 'learn' about us."

Too early for details

Brossier attorney Robert Harding said it was premature to reveal details about the backers before they've signed on. Reese told officials the deal would be signed March 27. Before Brossier can start construction, Reese must provide the city with a performance bond or line of credit to ensure the project will be finished, even if he walks away.

"The financing [details] are subject to important scrutiny by council, but we're not at that stage yet," Harding said. "I want the city to know and the public to know what's going on. I think it's an important aspect of this project to continue to have the support of the community."

Mayor Doug Kinson agreed.

"I'm OK with where we are right now. I don't need to pursue the 'nth' level of detail right now when we don't even know we have a deal yet," Kinson said.

Daphne Sashin can be reached at 407-650-6361 or dsashin@orlandosentinel.com.