FORT PIERCE, Fla. (CBS12) — The developer behind Fort Pierce’s long-stalled King’s Landing project told city commissioners this week it’s roughly $15 million short of the money needed to complete the development’s hotel, and is asking for another 180 days to find it.

Live Oak requested the extension in a July 24 email to city staff, and Live Oak CEO Paul Bertozzi answered commissioners’ questions on the request during Monday’s city commission meeting, saying the shortfall stems largely from rising construction costs since the project’s budget was first set. Commissioners didn’t vote on the request Monday, but agreed to hold a special meeting September 14 to decide whether to grant the extension or take other action on the project.

“As we’ve seen construction costs continue to bloom. We’ve had those challenges,” said Bertozzi.

King’s Landing is planned for the site of the former H.D. King Power Plant on the Fort Pierce waterfront, and is set to include a hotel, condominiums, restaurants, retail space and public waterfront access. The project has changed hands multiple times since the city first selected Audubon Development to build it in 2019, most recently passing to Live Oak in 2025. City officials say the development agreement has already been amended three times to adjust deadlines and financing terms, and a fourth amendment is now under discussion.

City staff and Bertozzi say the financing gap grew as construction and hotel financing costs increased. Commissioners were told hotel financing typically requires a 65-35 split between bank loans and investor equity, and that rising interest and construction costs widened the amount Live Oak needs to raise privately as the project’s overall budget increased. Bertozzi told commissioners he’s already in talks with potential investors and expects at least one to be part of the September presentation.

Not every commissioner is on board with waiting. Commissioner Chris Dzadovsky said the city’s own financial exposure has already grown, with the property’s value as a city incentive rising from about $2.5 million to $8.5 million over time, and said he’s not willing to support further delay.

“There are too many issues for too many years,” he said. “At the end of the day, I’m just going to share with you I’m not going to support anything going forward, with this particular situation.”

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Commissioner Michael Broderick took the opposite view, saying that terminating the agreement and reclaiming the property could mean years of litigation and cost the city hundreds of thousands of dollars, on top of the time needed to find a new developer and restart construction. The city attorney confirmed Monday that Live Oak is currently in breach of its development agreement over missed deadlines.

“I’m suggesting let’s give this a bit of a breather. Let them go do that. Let them go do their work and come back and keep us posted on your progress,” said Broderick

While the funding gap continues for the hotel portion of King’s Landing, homes are currently under construction next door with a different developer. Brooke Harris, a realtor selling the luxury townhomes, says she’s confident Live Oak will find the money.

“It’s going to continue to go through. That’s Live Oak Contracting that’s spearheading that. They are very well versed with what they do, and they always see it through. So I have a lot of confidence with the entire project continuing forward,” said Harris.

Commissioners are set to revisit the issue at the September 14 special meeting, followed by a Fort Pierce Redevelopment Agency board meeting the next day, since both bodies must approve any changes to the three-party development agreement. Until then, the fate of the $15 million gap remains unresolved.