“I don’t think this is going to look like a covered bridge,” developer Anthony Lucera said.

When you drive a car over a covered bridge, it's easy to feel like you should be in a horse-drawn carriage instead. They call to mind quaint New England towns, vibrant fall leaves, and a simpler era.

Now 10 years later, the developer has defaulted on a $57 million loan and has agreed in federal bankruptcy court to sell the Covered Bridge complex. The only problem is the developer never built the ...