VALPARAISO | The tanking of the economy couldn't have come at a worse time for Jeff Brant and his proposed University Village project.

His plan for a $10 million to $15 million development of mixed commercial and residential uses along both sides of University Drive between Lincolnway and LaPorte Avenue appears to be in jeopardy.

"I made a proposal back to (the city's Redevelopment Commission), and we need to discuss it before presenting it to the commission," Brant said. "I have to talk to (the commission's Executive Director Stuart Summers) about developments that have taken place.

"We want to do something very nice, and right now it is very difficult," Brant said. "We went out looking for partners, and we are trying to put something together that will meet the commission's timetable. We are working toward the same goal, but the commission would like to see it happen sooner rather than later."

Brant said he needs time "to put all the pieces of the puzzle together to make it happen," and he's also asking the commission for variances, including one to relax the building standards to allow the use of EIFS (exterior insulated finishing system) as a substitute for the required brick or stone exterior.

The city went through a similar discussion on the use of EIFS with developer Larry Gough on his commercial and apartment complex on Lincolnway in the Eastgate corridor. Summers said he didn't think the commission would approve Brant's request to use EIFS.

"The market has changed, and he has asked for some things that I asked the commission for guidance on," Summers said. "We're anxious to get development soon, and he wants to wait to get the tenants first."

Brant was the only one to submit a proposal for the 2.2-acre site that will eventually be the north entrance to Valparaiso University's campus. One of the conditions of the development was that the builder comply with the building standards set for the Eastgate corridor.

Brant said his plan to include extended-stay housing in the project is jeopardized by a report that the city already has too many hotel rooms. Another merchant he hoped to sign went bankrupt and others aren't expanding. He said a health club is interested, but he needs to have residents or the hotel space first.

He talked to the university about locating its book store in his project, but they plan to put it in the new student union. The plan for condos runs up against VU's policy of students living on campus for the first three years. Brant said it all makes it difficult for him to get the banks and everybody on board.

Although he has a potential Valparaiso partner, he said, "For it to be successful, you need all the pieces of the pie to fit together so they compliment each other. They want something now, and we are in a difficult climate right now. I want to built it or I wouldn't have spent the money for the proposal, but the economic times make it difficult."

Summers said at least one realtor told him others are interested in the property, and he hopes to have a recommendation for the commission at its meeting next week on whether to give Brant more time or seek new proposals.