Saturday, June 22

A $1.1 million Offer: Developer presents new deal to Fort Pierce over Kings Landing Project

For the second time, the city of Fort Pierce could give developers a new date to complete construction on the “Kings Landing” project.

Developer Audubon Development wants to turn the H.D. King Power Plant into 116 residential units, 106 condos, 10 townhomes, a 140-room hotel, a 179-space parking garage, and space for a restaurant and retail space. Records show the building dates were previously changed by the city in November 2022.

Audubon Development won the request for proposal in 2019 from the city to develop. But the city argues Audubon Development failed to meet their side of the agreement. It said developers were required to submit building permits for Phase 2 no later than March 2024.

The city acknowledged some materials were submitted in a letter for the permit, but said it failed to reach this goal because their permit assumed Phase 1 construction occurred yet it had stopped.

Developers argue the city misrepresented the property’s readiness for development in a response from their lawyers. It argues the city had multiple title defects and encumbrances, which weren’t disclosed. They say demolition debris was buried underneath the site, which had to be removed.

Attorneys for Audubon Development said they found entire portions of the power plant buried underground. They said the city failed to disclose this issue. Lawyers for Audubon Development said they spent more than $1.5 million over 22 months to excavate the site.

Those attorneys also said the city hasnt reimbursed the developer for those issues and slowed down the project through planning and zoning delays. The new agreement requires Audubon Development to submit an application for building permits or DPCR approval for construction of Phase 2 no later than November 26, 2025. Then it must be built by Sept. 30, 2026.

It also requires the city to submit materials for permits for Phase 3 by June 23, 2027. Then build no later than March 27, 2029. The new agreement would also require the developer to provide monthly written progress updates to Fort Pierces City Commission and its Redevelopment Agency.

This must include information regarding the Marriott franchise approval, design process, construction timeline, and progress. The developer will also have to make presentations in front of the commission and redevelopment agency quarterly.

The city of Fort Pierce, according to the changed agreement, will also pay $1.1 million for debris removal claims from the developer in four separate payments during the projects progress. All of these changes, according to city staff, were made by the developer.

City staff said it disagrees with paying more than $1 million because it’s paid around $100,000. The city will not issue its final approval Tuesday night, but it could occur later in the month. It is unclear if the developer will pull out of the project if his changes arent approved.

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *