The developers seeking to revive the River Rim development have decided to abandon their planning application.
This is because the current owners and the prospective investors decided to suspend their negotiations, according to a letter delivered to the Teton County Planning department by Robert Ablondi, on behalf of Rendezvous Engineering.
“The applicants were concerned the significant additional time and cost necessary to accomplish the plan within the Teton County process was not worth the apparent risk,” the letter said, noting that a majority of existing lot owners supported the proposals.
The letter also mentioned the County’s procedures as a reason for stopping development.
“It became clear after several staff meetings and two Planning and Zoning Commission hearings that this application would take additional months, cost additional tens of thousands of dollars in professional fees and potentially involve changes that would adversely affect the project’s marginal financial feasibility,” the letter continued.
In the last Planning and Zoning public meeting, the commissioners requested the applicants provide more additional information about their plans, which included adding a links golf course and building condos.
The meeting, which formally ended before the applicants had a chance to speak, was re-opened when the applicants protested that they had not had an opportunity to get any constructive feedback.
“I thought they had some ideas that would work,” said Planning Commissioner David Breckenridge. “They got the feeling that we didn’t want it, but I don’t think that was necessarily the case—that’s unfortunate.”
“We are disappointed by this lost opportunity,” Ablondi finished. “However we also understand that it is not in the best interests of the owners and buyers to encumber the property for the entire summer and incur significant additional costs for an uncertain outcome.”
“If they would have stayed with it, I think they would have got something pretty close to what they were asking for,” said Breckenridge. “But they decided not to, and that’s up to them.”
The developers can continue following the existing approvals from February 2014, though they would still need to go through the platting process to begin development.