(AP) — A developer has abandoned plans to convert three historic Grand Island buildings into a luxury hotel because he couldn’t raise the needed $12 million.

Zachary Zoul says his Hospitality Advisors Group won’t buy the three buildings that were going to be part of the hotel.

The plans to create the luxury Nebraskan Hotel out of Grand Island’s Masonic Temple, the Bartenbach building and the former Rexall Drug building were announced with fanfare in May.

But the developer couldn’t find enough investors.

So Charles and John Anson, who bought the Masonic Temple out of foreclosure last year for $55,000 will return to their original plan to create high-end loft apartments.