Horizon Group Inc. has held discussions with three or four isle developers to step in as a joint-venture partner, said Ron Piasecki, Horizon's interim chief executive officer.

Piasecki declined to disclose the parties and potential prices. But he said that any new partner would likely provide financing and could manage the property.

"We've been contemplating this for some time but now we are actively seeking a joint venture partner," Piasecki said today.

He said he hopes to complete a joint venture agreement within the next six months.

Muskegon, Mich.-based Horizon is under pressure from Wall Street for its development of Dole Cannery. The company, the nation's largest owner and operator of factory outlet centers, two weeks ago wrote off its entire $32 million investment in the 250,000-square-foot factory outlet and entertainment complex.

The write-off prompted the company to report a $62.1 million loss for the fourth quarter 1996.

Jim Sullivan, managing director and senior real estate analyst at Prudential Securities Inc., said a joint venture may signal "a change in direction" for the project, which will continue to hurt Horizon's earnings. Even with the write-off, the annual operating expenses for Dole Cannery amount to $4.5 million each year, or about 16 cents a share each year, said Sullivan.

"Clearly, a change of direction of some type is required," Sullivan said.

Piasecki said Horizon remains committed to its development of Dole Cannery, which is about 40 percent occupied. Piasecki said that the potential partners all share Horizon's goal of developing the site as a retail outlet and entertainment center.

Piasecki said company is proposing to sell a 75 percent interest in the project but some developers are seeking a 50 percent interest.

The developers all have a "strong local presence" and are familiar with the local retail market, said Piasecki. He added that Horizon is negotiating with several large retailers to lease space.

Horizon is developing the property under a 50-year lease with landowner Castle & Cooke Inc. Castle & Cooke has the right to approve any changes in ownership of the complex, said Lucien Wong, president of Castle & Cooke Properties' commercial division.

Wong said that Horizon has not yet disclosed their plans to him but he welcomed the idea that a developer with local ties would get involved.

"This is still a good project and it needs that kind of attention," Wong said.