The King’s Landing development in downtown Fort Pierce was given a new lease on life after the City Commission voted 3-to-2 last week to give the developers 180 days to secure the $15 million needed to keep the project alive.
The special meeting was set to discuss whether to move forward on the mixed-use, 7.5-acre project at Indian River Drive and A.E. Backus Drive that includes plans for a Tribute Hotel by Marriott, condominiums, residences, retail shops and restaurants.
The initial King’s Landing agreement that dates to December 2019 has been plagued with slow movement and numerous changes.
At last week’s meeting, Live Oaks Holding Project Manager Bill Ware went through a timeline of the project starting from its beginning, long before Live Oaks came on board. He pointed out how much has been accomplished during the one-year period Live Oaks has been involved, and its commitment to move the project forward.
“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,” Ware said.
Hotel managing operator Joe Collier of Mainsail Lodging and Development was also present at the meeting. “The hotel is the hardest part of the deal. It’s the biggest risk,” he said.
“We’re not looking for a handout from the city. We’re just looking for a partner. I do think it is the right brand.”
According to Collier, the hotel will cost $65 million but faces a $15 million shortfall. “We’ll have more in the game than anyone in the room. You would get the money back. We’re going to get in the trenches and work with Bill (Ware),” Collier said.
While it was clear at an August City Commission meeting that the majority of commissioners would not approve using taxpayer money for the shortfall by becoming a partner, the developers confirmed they wanted to work to find the finances themselves and asked to come back weeks after the meeting to offer a timeline on raising the funds.
Commissioners Michael Broderick and Curtis Johnson Jr. and Mayor Linda Hudson approved the 180-day timelines for the developers, while Commissioners Chris Dzadovsky and Arnold Gaines voted no.
With concerns about lawsuits if the finances are not procured after the six-month period, and given the fact that the property had not yet been transferred from Audubon Development Inc. to Live Oaks, Gaines said, “My concern right now is if it falls through in six months. If we’re going to do this, we need to have something in writing to protect all sides,” Gaines said.
Eight residents addressed commissioners during the public speaking portion at the beginning of the meeting, with most in favor of waiting the additional six months.
“This could possibly be the most important meeting we’ve ever had affecting our downtown area, and we have waited so long for this to happen. Six months is not that long when you’re looking at possibly going 10 years with nothing on that site,” said Charlie Hayek.
“We don’t need another Crabby’s. It’s time that we move on and cut the losses,” said Howard Dunn Jr.
“If they can secure the private financing and move forward, Fort Pierce gets the benefit of finally seeing this important waterfront property developed,” said Jaime Hurst.
“If they are unable to secure the financing within that time period, then the city will know that it can take whatever action it believes is appropriate at the time.”
Another speaker, Brooke Harris of Keller Williams, expressed concern about the Villas, the condos that were separated out from the King’s Landing project and are currently under construction. “Buyers don’t want to buy a home overlooking an unfinished property. They want assurance,” she said.