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.
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…