Fort Pierce commission approves sale of King's Landing villas parcel to INB Homes amid questions on permits and bonds

The Fort Pierce City Commission late Monday approved Resolution 25-R05 to consent to the sale and assignment of the villas parcel at the King's Landing development, a move counsel said the city must grant or deem approved under the development agreement's 15-day notice window.

The decision came after a lengthy public and commissioner discussion about what grounds, if any, the city could use to deny the assignment and about the buyer's readiness to build the villas. City Attorney Sarah Hedges told commissioners the development agreement allows the commission to withhold approval only for valid, reasonable contractual reasons and that if the city does not act within the 15-day period it is automatically deemed to have approved the sale.

Why it matters: The sale transfers Audubon Development's interest in the villas portion to a third-party purchaser and clears the way for vertical construction on a portion of the long-stalled King's Landing project. Commissioners said getting construction started would help produce taxable property and…