Mayor Warren said the developer failed to meet its deadline to submit financing details for the project by June 30, which included a hotel, shops and condominiums. Edgewater instead requested an additional nine months to secure the financing.
As a result, she said the project will not move forward.
“My first and foremost responsibility is to protect the interests of our city’s residents and taxpayers,” Warren stated. “Edgewater has failed to meet our deadline on project financing, and, in the interest of our residents and taxpayers, we must now move on, and seek other development partners who can make this critical job-creating port development a reality. We will work to engage our residents, local employers, and all stakeholders in developing a process to move forward. Let there be no doubt, we have taken the input we have received on this important jobs-creating project seriously, and we have held this developer accountable.”
According to Warren, the city has also recently finished work on a new $22 million marina, and other improved facilities at the port.
The city is currently soliciting new requests for proposals for the project.