FORT PIERCE, Fla. — The Kings Landing development in Fort Pierce is facing another delay.
WATCH BELOW: 'It's taking so long,' Funky Cuda owner Jon Nolli tells WPTV's St. Lucie County reporter Tyler Hatfield
Live Oak Development, the secondary developer on the project, told commissioners they’re short said they are $15 million short of the $60 million needed to complete the Marriott hotel and restaurant portion of the project — and city commissioners are divided on what to do next.
Live Oak Development, the secondary developer on the project, told commissioners the $15 million shortfall is due in part to rising construction costs.
“We have seen construction costs continue to balloon, “ said CEO Paul Bertozzi. “We've had those challenges across multiple industries but that is a portion of the cause of the delta that is being created."
City leaders said developers initially asked the city to cover the gap through a loan or grant.
Commissioner Michael Broderick said that request was denied.
"Unfortunately, the city does not have $15 million. Nor would I advocate the city investing $15 million into a private enterprise,” said Broderick.
Live Oak Development is now asking for 180 days to find the money through private sources. Bertozzi told commissioners the outreach has already begun.
"We're already in the process of reaching out to participating parties,” said Bertozzi. "We're looking at friends and families and investment and private equity verses institutional investors."
But commissioners are debating about the city reclaiming the property. Broderick said he believes trying to reclaim the property through legal action would be expensive and time-consuming.
"Clawing the property back through reverter clauses is going to be litigation for years and a ton of money,” said Broderick.
He said he would rather give developers the time they are asking for.
"What are we going to lose by 180 days? That's the question I would ask,” said Broderick. “What are we going to lose? It's just time. Doesn't cost us anything. It's just time."
Commissioner Chris Dzadovsky said he does not want to wait.
"I think it's time to as they say, cut bait and move on," he said.
Jon Nolli, owner of Funky Cuda in Fort Pierce, said he has been waiting on the development and is ready for it to be finished.
"It's been taking some time,” said Nolli.
Nolli said the completed project would benefit the surrounding area. He said he even has plans to open businesses inside Kings Landing — but the delays are wearing on him.
"I've got a couple deposits on the commercial side. I was looking to a beer garden, and a deli, and I mean it's taking so long that I don't even know the trends have changed,” said Nolli
WPTV reached out to Live Oak Development and still working on a response. The city commission has scheduled a special meeting on September 14 to discuss next steps.