EL PASO, Texas -- On 4,800 acres of land in Northeast El Paso, Hunt Communities agreed to plan to build some 15,000 homes, along with a hike and bike system, and a number of large parks, but not anymore. On Thursday, Hunt Communities pulled out of developing the Northeast master plan.

"We're extremely disappointed, public service board, and the mayor and the other four members have spent a lot of time on this, a lot of money, but it's not the end of the day," said Ed Archuleta with the El Paso Public Service Board.

In a statement, Hunt Communities said they do not want to proceed because of concerns over the term "smart growth," where a community is built around walking to work, school and parks, is encouraged over driving to those places.

The city said that's just an excuse for the real reason they pulled out, a poor housing market.

"The impression that I was getting was that they were getting cold feet because the economic situation on development has changed, very significantly," said El Paso Mayor John Cook.

Northeast residents KFOX spoke to said this is another example of their part of town being neglected.

"I think we don't get enough attention, we really don't, for years, I mean look around you," said Ted Vega from Northeast El Paso.

Many were upset that housing Northeast El Paso needs is for the now up in the air.

"I cannot believe they did that, it's amazing, because Hunt has been here in El Paso headquartered for a long time, and that they just pulled out is just shocking," said Cynthia Yang from Northeast El Paso.

"It's not good for the Northeast economy, as it is, struggling," said Vega.

City leaders said they will now go back to the drawing board and make this plan happen, although it may mean breaking down the 4,800 acres into smaller properties.