King's Landing Update and Discussion of Special Meeting

At its July 14, 2026, meeting, the Fort Pierce Redevelopment Agency (FPRA) Board received the King’s Landing developer’s quarterly project update, including a discussion of potential City participation in funding the proposed hotel. While no formal action was taken, Board discussion did not indicate a consensus to pursue City participation as an equity partner in the hotel. The Board expressed interest in allowing the development team an opportunity to secure private funding sources while simultaneously also addressing several outstanding contractual and project schedule matters. 

As a follow-up to the July 14 discussion, staff requested that the developer provide an estimated timeframe needed to secure a private equity partner or other private financing. The developer anticipates providing that information by July 28, 2026. Staff will present that update to the Commission once it is received.

This agenda item is intended to:

• Provide an interim update following the July 14 FPRA Board discussion;
• Present the developer's anticipated timeframe for securing private funding, if available;
• Discuss scheduling a Special City Commission meeting to review outstanding issues related to King's Landing.

Staff anticipates that the following topics may be addressed during the proposed Special Meeting:

• Status of the Third Amendment, including default-related issues;
• Status of the proposed Fourth Amendment;
• Appropriate amount of time for the developer to secure private funding;
• Contractual options available under the Development Agreement, including reversionary provisions and other available remedies.

A special meeting will allow sufficient time for a comprehensive review of these issues and help provide clear policy direction moving forward.

The Development Agreement is a three-party agreement among the City of Fort Pierce, the Fort Pierce Redevelopment Agency, and the developer. Therefore, any amendments or actions related to the agreement require consideration and approval by both the FPRA Board and the City Commission.

Receive the update and provide direction regarding the scheduling of a Special City Commission meeting to discuss King's Landing Development Agreement and related project matters.

Receive the update and provide alternative direction.

Shyanne Harnage, Director of Community and Economic Development

Richard Chess, City Manager
Sara Hedges, City Attorney