The Real Deal Miami

Developer set to exit Port Canaveral project

Sooner Investment Group missed a tenant-recruitment deadline on March 17

April 10, 2016 01:00PM

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Rendering of Sooner Investment's planned development at Port Canaveral

Rendering of Sooner Investment Group’s planned mixed-use development at Port Canaveral

A developer appears ready to pull out of a proposed mixed-use project on property at Port Canaveral after missing a deadline for signing tenants.

The developer, Sooner Investment Group Inc., missed a March 17 deadline that port officials had set for signing tenants for the long-planned project in the Cove area of Port Canaveral. Officials of the east-central Florida seaport have wanted a combination of tenants including restaurants, upscale retail stores, venues for entertainment and a high-end hotel.

Jason Steele, a representative of Sooner Investment, told Florida Today that the company has struggled to convince potential tenants that Port Canaveral has the amount of consumer traffic they seek. Sooner Investment has been working on the Port Canaveral development for more than two years.

Steel also told Florida Today that attorneys for Sooner Investment and Port Canaveral are preparing a “letter of mutual termination” to end their business arrangement.

Port Canaveral CEO John Murray told Florida Today that port commissioners will review the planned development at an April 27 meeting. [Florida Today] — Mike Seemuth