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Fort Pierce Project Faces $15M Funding Gap
4 Aug
Summary
- Developers are $15 million short to complete the King's Landing project.
- City officials are considering repossessing the property and seeking new developers.
- The project has faced multiple delays and missed deadlines.
The King's Landing redevelopment project in downtown Fort Pierce is facing a critical $15 million funding gap, threatening its completion. Developers Live Oak Development require this additional sum to finalize the hotel and retail components of the ambitious project, planned for the former H.D. King Power Plant site.
City commissioners discussed the project on August 3, 2026, and have scheduled a further meeting for September 14, 2026. During this meeting, public comments will be heard, and a potential vote may occur regarding an extension for the developers to secure the necessary funds. However, commissioners Chris Dzadovsky and Curtis Johnson, Jr. have expressed strong opposition to granting more time, citing the project's history of delays.
City officials, including City Manager Richard Chess, have individually refused the developers' request for a loan or a city-backed borrowing of the $15 million. The developers are in breach of their contract due to missed construction and financing deadlines, according to City Attorney Sara Hedges. Mayor Linda Hudson voiced concerns about the city becoming involved in the hotel business, while Commissioner Michael Broderick warned of potential costly lawsuits if the city attempts to repossess the property.
Live Oak Development took over the project in April 2025 from Audubon Development, which had been selected in 2019. While townhome construction on a portion of the property began in February 2026, the larger hotel and retail development has been plagued by years of delays and disputes.
