VERO BEACH — Vero Beach's long-awaited Three Corners project is moving forward, but city officials say they need additional time to negotiate terms with the developer before the next major milestone can be reached.
City Manager Monte Falls recently requested a 30-day extension to a deadline established in the project's letter of intent as city staff and developer ClearPath continue working through details of a master developer agreement and lease terms.
"The letter of intent gave us 120 days to do that, then with a 30-day extension. The 120-day period will be July 11th, so we will not have another meeting before that. So, we are making a recommendation to extend it 30 days, which would take us to August 11, which actually coincides with the council meeting date," Falls said.
As discussions continue, Falls said both sides have recently exchanged draft documents and are reviewing proposed terms.
"They visited the site on Wednesday, and we had a meeting with them on Thursday, where they have now presented us with a draft of a master developer's agreement, and we are in the process of reviewing that and getting their comments back to them," he said.
The estimated $250 million project would transform the former "Big Blue" power plant site into a waterfront village featuring hotels, restaurants, shops, event venues and a marina.
The redevelopment effort has experienced multiple delays and setbacks since it was first proposed. Momentum increased in March when ClearPath provided a $50,000 deposit to the city as a sign of good faith, allowing negotiations to move ahead.
Since then, city officials and the developer have spent the past several months working on a lease agreement for the property.
With the extended deadline approaching, Falls said the timeline adds pressure to reach a clearer understanding of the project's direction.
"That puts a little urgency on where we are now, and hopefully we'll have some better idea of where we're going to go before August 11," he said.
Not everyone on the City Council is convinced another month will be enough time to complete negotiations.
"Well, I'm not surprised that we're extending it. I don't have any kind of hope that 30 days is going to be a resolution," Councilmember Linda Moore said.
Falls said city officials remain focused on ensuring any agreement ultimately serves the city's interests, even if that requires additional time.
"I don't want to say it can't happen, but as I've said through this process, which we've had several delays that were out of this council's control, is we get one chance to do this," he said.
"Let's do it right. Let's not rush through it and accept something that we're not happy with. I can tell you the team from the city side is not going to bring something back to this council that's not beneficial to the city."
The former power plant closed in 2015. A concept plan for the site was approved in 2022, and it could be another year before construction begins.
Under the city's master plan, the property is intended to include a mix of commercial development and public amenities, including parks, cultural and recreational features, and public access to the waterfront.