Pulte Homes had applied in January to rezone the 96-acre parcel, formerly known as East Lake Fish Camp, for low-density residential use.
"We no longer have the property under contract," Pulte VP of Land Clint Ball told GrowthSpotter Wednesday. "We are not going to advance the rezoning. I don't know if the owner will choose to continue it."
Ball said he was disappointed the two sides couldn't close the deal. He said the cost of removing the existing infrastructure, including a private sewer treatment plant, made the project financially unfeasible. "It's a beautiful piece of property," he said. "I think eventually someone will come in and buy it."
The rezoning application hasn't been withdrawn, but was not brought back before Osceola's Development Review Committee for a late January meeting, as expected.
John Adams, planner on the project for Rj Whidden & Associateson behalf of Pulte had told the DRC in early January the developer planned to build a community along the same lines as AV Homes' Bellalago, with a private 150-slip marina on East Lake Tohopekaliga.