The General Manager of the Saint John Development Corporation, Kent MacIntyre is optimistic a new partner will be found to develop the Coast Guard site next to Market Square.
He says they have been receiving expressions of interest over the last number of months.
The Hardman Group decided to pull out of the partnership. Executive Vice President Colin Whitcomb tells CHSJ News one factor was the decision by Irving Oil not to build a second oil refinery.
He adds economic conditions have changed alot and not for the better since the memorandum of Understanding was signed in 2006.
Whitcomb says there was also frustration over how long it's taking to actually get ownership of the property from the federal government.
MacIntyre says you won't see shovels in the ground next year but anytime after that......Look out.