The developer behind a request to redevelop the former J.C. Penney headquarters property in Plano says he will bring an amended apartment plan to the city even as the lender for the project files for foreclosure.

CEO Sam Ware of Dreien Opportunity Partners said he has reached “an acceptable compromise” with nearby property owners that would reduce the number of apartments and update setbacks, balcony restrictions and landscaping at the Campus at Legacy West project.

At the same time, Ware is seeking a new financing deal in the wake of a foreclosure filing that puts at risk nearly $389 million in financing for the project—and the property itself.

“My team is confident we will have a new lender soon,” Ware said in an email.

To accomplish this, Dreien Opportunity Partners would need to have the loan paid off to Beal Bank and CLMG Corp. in the next couple weeks. The lender’s foreclosure filing seeks to sell the property Feb. 4.

The attorney handling the foreclosure filing for the lender did not respond to multiple requests for comment.

The developer had been negotiating the details with nearby property owners since Plano City Council in October denied his request for approval to build 795 apartment units on the property’s northwest corner.

Some nearby property owners and business leaders spoke out against the request, arguing the apartments didn’t fit the original vision for the Legacy business park, which has become home to some of the region’s largest new corporate offices in recent years.

Ware said the project's two residential developers—San Antonio-based Kairoi Residential and Dallas-based Trammel Crow Co.—remain committed to the project.

Bill Dahlstrom, an attorney handling the zoning case for the project, did not return a request for a timeline by late Jan. 21.