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 demonstrate private investment downtown.

What the city heard: Sarah Hedges summarized the contract mechanics, noting the city had received written notice of the proposed assignment on Dec. 27 and that the agreement requires the city to approve or deny within 15 days. Hedges also said the contract requires a performance bond for the purchaser to guarantee project completion and explained the amended contract removed earlier defaults so the purchaser would not be inheriting an active default.

Audubon and buyer representatives said the purchaser intends to keep approved plans and proceed. Scott Hawkins, counsel for Audubon (Jones Foster), introduced Jonathan Bell, vice president of INB Homes, as the buyer's representative. Bell said INB is prepared to move forward, that the villas were planned to be the first construction phase, and that INB already has bids for site work and most vertical construction subcontracting in hand. Bell told the commission the portion of the project that includes 10 townhomes represents roughly $15 million in sales and that performance-bond coverage would be in the neighborhood of $15–20 million for that piece of work.

Building-permit status and timeline: City staff reported that two villa parcels had permit applications that were rejected and require resubmission, while eight additional villa properties had received DPCR approval but had not yet applied for building permits. The building official summarized those details in response to commissioner questions, and Hedges said the buyer would assume existing approval requirements in the development agreement. Bell said he expects to close on the purchase soon, obtain the required performance bond (a process he said takes two to three weeks), and begin mobilization thereafter — potentially with site work visible by early February.

Public comment and buyer assurances: The commission heard from several people with contractual or consumer concerns, including Richard Neal, attorney for at least one townhome purchaser who said his client supports the assignment and expects to be made whole. Audubon and buyer counsel said buyers who had placed deposits would be protected or made whole as part of the sale negotiations.

Vote and next steps: Commissioner Broderick moved to approve the resolution; after a second, the commission approved Resolution 25-R05. The roll call showed four votes in favor and one against (Commissioner Gaines). City staff and counsel said the purchaser must post the required performance bond and proceed with building-permit submissions; staff also flagged that larger site-plan changes tied to the overall King's Landing project (such as hotel or parking-area revisions) will still require separate approvals and could proceed on their own schedule.

Ending: The purchase assignment clears a contractual hurdle for the villas portion of King's Landing but leaves several implementation steps in place: issuance of a performance bond, completion or resubmission of building permits on two parcels, and subsequent building permits for other parcels that have DPCR approval. The commission set no additional conditions beyond what the development agreement requires.