Rhino Development stalls 458-unit housing project due to funding issues

Lakeville's Economic Development Committee is currently facing challenges with a proposed residential project that has stalled due to financial constraints. The project, which received a comprehensive permit for 458 housing units earlier this year, includes plans for 200 apartments, senior care facilities, and senior cottages.

Rhino Development, the company behind the initiative, has reported difficulties in securing the necessary funds to proceed with the project. The estimated cost to clean up and demolish existing buildings on the site is approximately $17 million, a figure that has proven to be a significant hurdle for the developers.

As a result, the project is at a standstill, with the company seeking additional resources to move forward. The situation highlights the ongoing challenges in Lakeville's economic development efforts, particularly in securing funding for large-scale residential projects.

The committee's discussions underscore the importance of finding viable solutions to support such developments, which are crucial for addressing housing needs in the community. As the situation evolves, stakeholders will be closely monitoring any new developments regarding the project and its potential impact on Lakeville's housing landscape.