🌅 🏗️ King's Landing Asks City for $15M

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The King's Landing development in downtown Fort Pierce is in… a bad spot. Developer Live Oak Development is $15 million short of the roughly $60 million it needs to complete the hotel and restaurant portion of the project and asked the city to either loan them the money or bond for it themselves. The city said no 🏗️.

As one would expect, commissioners Monday night were not happy about either the ask or the state of the project overall. Commissioner Dzadovsky put it plainly in a clip we posted yesterday: "The $15 million ask shook everyone up here. The property went from $2.5 million in value when first provided as an incentive to $8.5 million today. The request for the $15 million on top means we're now looking at $23 million of investment from the city as part of this process. Are we supposed to put the taxpayers through this continuously if we have not been able to finance it from day one? My answer is no. Absolutely no. There are too many issues for too many years and the citizens deserve better than that."

Commissioner Curtis Johnson said he was beyond frustrated and done waiting. Live Oak CEO Paul Bertozzi cited budget increases as the reason for the shortfall and asked the city for six months to secure the $15 million. City Attorney confirmed the developer is already in breach of contract for missing construction and financing deadlines.

How we got here 📋: The H.D. King Power Plant site was first awarded to Audubon Development back in 2019 for an $85 million mixed use project including a Marriott hotel, condos and retail. Years of delays and finger pointing followed. Live Oak took over the 4.75 acre property in April 2025. The townhome portion of the project, 0.76 acres transferred to INB Homes, is actually under construction. The hotel and retail portion is what is now at risk 👀.

What's next: The commission did not vote Monday. They are scheduled to meet again September 14th to take public comment and possibly vote on whether to give Live Oak more time or take the property back and seek new bids 📅.

💬 What do you think should happen with King's Landing? Tell us right here

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