Fort Pierce grants Live Oak 180 days to secure $15M for King's Landing project

The Fort Pierce City Commission on Monday approved a 180‑day extension for Live Oak Holdings to find a $15,000,000 equity commitment for the King's Landing project, voting 3–2 after more than two hours of public comment and questions of the developer.

"We are respectfully requesting your approval of a period of time deemed sufficient for Live Oak to continue our progress," Bill Ware of Live Oak told the commission, outlining approvals already obtained and asking for more time to close financing for the Marriott Tribute Hotel. Commissioner Broderick moved to approve the extension subject to an acceptable fourth amendment; Commissioner Johnson seconded the motion. The final tally was Broderick: yes; Zadofsky: no; Gaines: no; Johnson: yes; Mayor Hudson: yes.

The extension is explicitly conditioned on the city attorney and Live Oak’s counsel drafting an acceptable fourth amendment within a 30‑day window to memorialize technical defaults and preserve the city’s remedies, commissioners said. City Attorney Wallace told the panel she would review how the proposed amendment would affect existing reversion rights and other contractual protections. The commission directed staff to work with Live Oak and return the document for approval.

Supporters said the extension is intended to avoid protracted litigation that could leave the waterfront site undeveloped for years; critics warned the amendment must not waive the city’s ability to reclaim the property if developers fail to meet new deadlines. "At some point, the extension ceases to be a reasonable accommodation and becomes a refusal to enforce the agreement," Commissioner Zadofsky argued in a motion (which received no second) earlier in the meeting.