Plans to develop the Esplanade Quarter on Jersey's Waterfront have been deferred until the economy improves.
The States voted in favour of delaying the approval of any plans for the new development.
Treasury and Resources Minister Philip Ozouf also announced that the agreement with developer Harcourt was cancelled.
Negotiations with Harcourt were ongoing but exclusivity had been withdrawn after it missed several funding deadlines, he said.
The Esplanade Quarter is due to include 400 homes, offices and a public garden.
RELATED INTERNET LINKS
BBC Jersey - Esplanade Quarter feature
States of Jersey
Harcourt Developments
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