OCOEE, Fla. -- Records obtained by Channel 9 show that the city of Ocoee is losing $4 million because a developer is backing out of a big housing project.

The plans for the project included an upscale community featuring 250 homes, shops and even an elementary school along Lake Apopka. But the soft real estate market forced Centex Homes to scrap the entire project.

People who bought homes in nearby neighborhoods feel like it is a broken promise.

"When we built here we liked the neighborhood, but when we bought we thought there was going to be a little more around us," said Janay Herschelman, a resident.

The mayor of Ocoee said the city will try to recoup its losses by selling the land for a college or business park. Orange County schools said without the housing development, they have no need for a new school in that location.

Centex Homes has not commented on its decision to back out of the project.