Mystic - The proposed operator of a 245-unit assisted living project on a section of the Coogan Farm property is no longer involved in the project after not meeting some financial obligations in a timely manner, according to the project's developer.

But Joe Mastronunzio, president of BROM Builders of Norwich, said his firm along with the project's investors and lenders are currently in the process of interviewing and selecting a new operator to replace Morningside Management of Virginia.

"There is no shortage of qualified operators who are interested," he said. "The question is finding the correct one. The equity investors and lenders have a lot to say about which operator they feel the most comfortable with."

He could not say when a new operator would be chosen.

"A project of this size takes time to put in place with all the lenders and investors," Mastronunzio said. "There's plenty of interest and a need to be served. It will happen. It will just take time."

Mastronunzio had notified Stonington First Selectman Ed Haberek about the change in operators. Earlier this year, Haberek had traveled to Maryland to tour one of Morningside's projects in that state and said he was impressed by the operation.

Morningside officials could not be reached Tuesday for comment.

In February, the Stonington Planning and Zoning Commission approved plans for Mystic Preserve Senior Living on 18 acres of the farm property, which would be accessed from the end of Clara Drive, the road that leads to McQuade's Marketplace.

Another 11 acres of open space on the site has been given to the Denison Pequotsepos Nature Center, which along with The Trust for Public Land has a contract to buy and preserve the remaining 34 acres of the farm.

The project is estimated to create 125 jobs and $400,000 in annual tax revenue for the town, making it Stonington's second-largest taxpayer after the nearby StoneRidge retirement community.

The approved plan calls for memory care and assisted living in phase one and independent living in phase two. The developers have said the project will be designed to create as much of a residential and neighborhood feel as possible.

Instead of long, narrow corridors, rooms are wrapped around common areas so residents do not have to walk far to the dining room and activity and wellness areas.

Units would be rented on a monthly basis and do not have to be purchased, as they are at StoneRidge. The project is seen by the developers as a more affordable alternative to StoneRidge. It is unknown if a new operator will seek any changes to the approved plan.

j.wojtas@theday.com