Fort Pierce gives King's Landing development a six month deadline
By Justin Breckenridge
September 15, 2026 at 12:22 PM EDT
Live Oak Development will have 180 days to secure the $15 million needed to finance the hotel portion of the project.
The Fort Pierce City Commission has given the developer of King’s Landing a six-month extension to secure financing for the project's hotel.
Live Oak Development and Mainsail Lodging will have 180 days to find the $15 million needed for the hotel portion of the project.
Bill Ware, manager of Live Oak Development, asked the commission for additional time to continue working on the development.
"We are now here today, having made clearly significant and prerequisite progress over the last 12 months, respectfully requesting your approval of a period of time deemed sufficient for Live Oak to continue our progress on the development plan. That now includes assistance with procuring an equity commitment necessary for the financing of the hotel," he said.
Ware acknowledged that the developer is in default with the city because of missed deadlines under its agreement.
Joe Collier, president of Mainsail Lodging, said the development team has been looking for funding partners.
Live Oak previously asked the commission to consider a bond partnership with the city to cover the money needed for the project. The commission ultimately rejected that idea.
"We weren't looking for the handout from the city. We're just looking for the city to be our partner," he said. "When we went to our normal group of investors that are investing in these types of projects, three things: One, construction costs have gone up, interest rates have moved the wrong direction, and the world has just changed a little bit over the course of the last few years."
Commissioner Chris Dzadovsky supported stopping the project and reclaiming the land from Audubon Development.
"This is in material breach. And being in material breach, in order for the city to give back this property, my opinion, and based on the legal review of this, is that we need to stop now. Because if we do another amendment, it continues to weaken us," he said.
Commissioner Michael Broderick disagreed, saying an attempt to take back the property could lead to a lengthy legal battle.
"It could be 10 to 12 years before this is resolved. The citizens of the city of Fort Pierce do not want to wait 10 to 12 years to have this property producing," he said.
Broderick supported giving Live Oak the additional six months to secure financing.
"I suggest that this commission grant the 180-day extension. Six months is not an extensive amount of time to land $15 million worth of financing," he said.
Broderick and the majority of the commission supported the extension. Commissioners also want the defaults under the development agreement addressed in the fourth amendment.
"Legal counsel has got to get this straightened out," he said. "In the final drafting of this fourth amendment, our concerns need to be addressed in that document."
The developer said it is confident in its ability to secure the funding.
The Fort Pierce City Commission has given the developer of King’s Landing a six-month extension to secure financing for the project's hotel.
Live Oak Development and Mainsail Lodging will have 180 days to find the $15 million needed for the hotel portion of the project.
Bill Ware, manager of Live Oak Development, asked the commission for additional time to continue working on the development.
"We are now here today, having made clearly significant and prerequisite progress over the last 12 months, respectfully requesting your approval of a period of time deemed sufficient for Live Oak to continue our progress on the development plan. That now includes assistance with procuring an equity commitment necessary for the financing of the hotel," he said.
Ware acknowledged that the developer is in default with the city because of missed deadlines under its agreement.
Joe Collier, president of Mainsail Lodging, said the development team has been looking for funding partners.
Live Oak previously asked the commission to consider a bond partnership with the city to cover the money needed for the project. The commission ultimately rejected that idea.
"We weren't looking for the handout from the city. We're just looking for the city to be our partner," he said. "When we went to our normal group of investors that are investing in these types of projects, three things: One, construction costs have gone up, interest rates have moved the wrong direction, and the world has just changed a little bit over the course of the last few years."
Commissioner Chris Dzadovsky supported stopping the project and reclaiming the land from Audubon Development.
"This is in material breach. And being in material breach, in order for the city to give back this property, my opinion, and based on the legal review of this, is that we need to stop now. Because if we do another amendment, it continues to weaken us," he said.
Commissioner Michael Broderick disagreed, saying an attempt to take back the property could lead to a lengthy legal battle.
"It could be 10 to 12 years before this is resolved. The citizens of the city of Fort Pierce do not want to wait 10 to 12 years to have this property producing," he said.
Broderick supported giving Live Oak the additional six months to secure financing.
"I suggest that this commission grant the 180-day extension. Six months is not an extensive amount of time to land $15 million worth of financing," he said.
Broderick and the majority of the commission supported the extension. Commissioners also want the defaults under the development agreement addressed in the fourth amendment.
"Legal counsel has got to get this straightened out," he said. "In the final drafting of this fourth amendment, our concerns need to be addressed in that document."
The developer said it is confident in its ability to secure the funding.