Fort Pierce redevelopment board gives developers 45 days to pursue joint venture on King's Landing

Summary

After hours of debate over financing, a disputed $1.1 million debris claim and a late-arriving document from a potential funder, the Fort Pierce Redevelopment Agency voted to give Audubon and an outside capital firm 45 days to try to form a joint venture; the board required weekly updates and declined to toll contract deadlines.

The Fort Pierce Redevelopment Agency on June 11 voted to give the developer of the stalled King’s Landing project a 45-day window to try to finalize a joint-venture agreement with a potential funding partner, while leaving the underlying contract and default timelines in place.

The action follows weeks of back-and-forth over an amendment that would extend construction timelines for King’s Landing and a dispute over a debris-removal reimbursement Audubon submitted for $1,100,000, which city staff said was inconsistent with earlier documentation showing $170,000 had been paid. Commissioner Broderick moved the measure; Commissioner Jay Johnson seconded it. The motion passed by roll call with a 4–1 vote (Commissioner Gaines opposed).

The board’s decision is intended to give Audubon and Harbert Realty Services — a company the board heard described in a letter and subsequent conversations as…

Fort Pierce redevelopment board gives developers 45 days to pursue joint venture on King's Landing

Summary

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