The developer behind Fort Pierce's King's Landing project told city commissioners Monday it needs roughly $15 million more to complete the development's hotel and is requesting another 180 days to secure the funding. Live Oak CEO Paul Bertozzi said the shortfall stems largely from rising construction costs since the project's budget was first set. Commissioners did not vote on the request but scheduled a special meeting for September 14 to decide whether to grant the extension or take other action.
King's Landing is planned for the site of the former H.D. King Power Plant on the Fort Pierce waterfront and would 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. Bertozzi told commissioners he is already in talks with potential investors and expects at least one to be part of the September presentation.
Commissioner Chris Dzadovsky said he will not support further delay, noting the city's financial exposure has already grown with the property's value as a city incentive rising from about $2.5 million to $8.5 million over time. Commissioner Michael Broderick took the opposite view, saying that terminating the agreement and reclaiming the property could mean years of litigation and cost the city hundreds of thousands of dollars, on top of the time needed to find a new developer and restart construction. The city attorney confirmed Monday that Live Oak is currently in breach of its development agreement over missed deadlines.
Bertozzi explained that hotel financing typically requires a 65-35 split between bank loans and investor equity, and that rising interest and construction costs widened the amount Live Oak needs to raise privately as the project's overall budget increased. While the funding gap continues for the hotel portion of King's Landing, homes are currently under construction next door with a different developer. Commissioners will revisit the issue at the September 14 special meeting, followed by a Fort Pierce Redevelopment Agency board meeting the next day, since both bodies must approve any changes to the three-party development agreement.