FORT PIERCE, Fla. — Fort Pierce city commissioners voted 3-2 Monday to give developers of the Kings Landing development 180 days to find $15 million in funding for the hotel portion of the development.
Developers Live Oak and Main Sail say the Marriott hotel portion of the project will now cost around $65 million — $15 million more than previously planned.
WATCH BELOW: Developers of Kings Landing given 6 months to fund hotel
Earlier this summer, developers asked the city for the funds through a loan or grant, but were denied.
Now, Jon Collier with Main Sail said they will look to secure the funds privately.
"We can get it done," Collier said.
A representative from Live Oak said the development team remains committed.
"With millions of dollars invested thus far and an enormous amount of time, we're extremely motivated to see this through to a successful completion," the representative said.
The extension comes after developers missed a July 15 deadline to secure the funding for the project.
Fort Pierce Commissioner Chris Dzadovsky voted against the extension.
"My opinion, based on the legal review of this, is that we need to stop now. Because if we do another amendment, it continues to weaken us and makes it more difficult to get the property back," Dzadovsky said.
On Tuesday, WPTV sat down with Commissioner Michael Broderick, who voted for the extension.
Broderick said taking back the property — currently owned by Audubon Development — would be costly and lead to litigation.
"Everybody's going to be suing everybody. It's like having three fighters in the same ring, and they're all going to come out swinging at each other," Broderick said.
Broderick said the city has 30 days to draft a new amendment with developers, after which the six-month countdown will begin.
When asked what happens if developers fail to find the money in time, Broderick was direct.
"I'm going to kick them to the curb. I'll make the motion to terminate the deal," Broderick said.
Jon Nolli, who owns the Funky Cuda and other businesses in Fort Pierce and has a deposit on space in the Kings Landing development for a beer garden and deli, said he is cautiously watching the situation unfold.
"If this is really what it takes and they can find the money to be able to do this, great. Then we can get moving forward," Nolli said.
Nolli said he is still concerned about further delays.
"If this is just another step extending it along, that's going to be pretty tough on everybody," Nolli said.
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