The Nakoma Sky Board of Trustees recently determined that the Nakoma Sky project is "no longer feasible" for the foreseeable future, according to a press release sent Wednesday, May 30.
Nakoma Sky was a planned, 80-acre senior living wellness community located at North First Avenue and West Lambert Lane in Oro Valley.
"The Nakoma Sky team is disappointed that plans to serve Oro Valley will not come to fruition at this time," said board chair Jane Lateer, in a release.
According to the company, part of Posada Life Community Services, the extenuating circumstances were "created by a number of factors." In a release, the company stated that the unavailability of labor both locally and nationally, the threat of tariffs' impact on material costs and key subcontractors unwilling or unable to commit to project specifics played a role in the decision.
Naokma Sky CEO and President Lisa Israel told the board, management and marketing teams feel a "terrible disappointment."
"Up until this past week, we were fully committed to moving forward as planned, and we regret the impact this will have on the people we have come to know and care about," Israel said, in a release. "This is one of the most difficult situations our organization has faced in its 31 years of business."
According to the company, all Nakoma Sky depositors will receive their money back, with accrued interest. The company said the site will be stabilized and completed to town requirements—with no plans for development at this time.