INDIAN LAKE - For the third summer in a row Wakely Lodge & Golf Course on Cedar River Road here will not be open.
Owners Tom and Phyllis O'Brien closed after the 2010 season to make extensive improvements to the property. They expected to be closed for the summer of 2011 and possibly 2012.
The site is on some 305 acres of land on both sides of Cedar River and Cedar River Road.
The work was all part of developing the nine-hole golf course and lodge into a high-end resort, but the so-called Great Recession meant O'Briens have been unable to find financing for housing.
Tom O'Brien said Saturday, "We're not going to open this summer either. I still can't get financing. We're closed at this point."
The O'Briens' plans, approved by the regional land use authority, call for 25 one-story duplex housekeeping cottages, for a total of 50 units; an office building; an access road and parking; lighting; and community water and wastewater treatment systems.
But "banks aren't interested in Hamilton County," O'Brien said. "About a year ago we kind of said, stop beating our heads on the wall, it's time to cut our losses."
O'Brien hasn't totally given up hope though. He plans to stop by the county seat to renew his building permits, just in case.