The Hardman Group has decided to bow out in what is described by Charlie Swanton, who chairs the Saint John Development Corporation, as a mutual decision.
The Hardman Group signed a Memorandum of Understanding back in March of 2006 to see the site developed with a hotel, condos, retail and commercial space.
The first phase of the Coast Guard site was not acquired from the federal government until March of this year with the rest to be taken over next year.
According to the Hardman Group, a number of things have changed in the interim and you can't do much if you don't own the land.
