The Kings Landing development in Fort Pierce is facing another delay.
Kings Landing in Fort Pierce faces $15M funding shortfall
Live Oak Development, the secondary developer on the project, told commissioners they’re short said they are $15 million short of the $60 million needed to complete the Marriott hotel and restaurant portion of the project — and city commissioners are divided on what to do next.
Live Oak Development, the secondary developer on the project, told commissioners the $15 million shortfall is due in part to rising construction costs.
“We have seen construction costs continue to balloon, “ said CEO Paul Bertozzi. “We’ve had those challenges across multiple industries but that is a portion of the cause of the delta that is being created.”…