CALEDONIA, WI-Legacy Development Co., which had planned the 320-acre, mixed-use Twelve Oaks development here, at a reported cost of almost $400 million, has dropped the project. A local group of investors bought the property from the Franksville-based firm for a reported $6.9 million, and has started working with the community to design a new plan.

The property is at Highway K and Highway V, about a mile from Interstate 94. Legacy’s plan was for about 700 single-family and multifamily homes, as well as 250,000 sf of non-residential space, likely office and retail (though the original 2006 plan had twice the commercial development sited). Legacy officials could not be reached for comment.

The new plan is a mystery, Caledonia officials tell GlobeSt.com. The new investors met with the village to figure out ways of keeping the development going, and allowing the TIF set for the project to continue.

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