Plans to regenerate an East Sussex seaside town have been shelved because of the current economic downturn, a council has said.
Eastbourne Borough Council has blamed the "deteriorating economic conditions" for its failure to find a suitable developer to transform the town centre.
A council steering group rejected the only tender submitted for the scheme.
It will now make a fresh start on a new scheme when economic conditions are more favourable, councillors said.
In a joint statement, councillors David Tutt and David Elkin said: "This is unfortunate news for the Eastbourne community, but we want a scheme that delivers the promises we have made to the public.
"We will monitor the economic market and take stock and consider our options for the future"
"Like other major development schemes, Eastbourne has not been spared the effects of deteriorating economic conditions.
The regeneration will remain a "key priority" for the council, they added.
'Necessary action'
The statement said: "We will monitor the economic market and take stock and consider our options for the future.
"We will then take the necessary action to be ready for the inevitable economic upturn so as to be well-placed to attract the best scheme possible for the town in the near future."
Earlier this year, more than 100 companies requested more information about the project, but only three formally expressed an interest in taking on the contract.
Of those, only Performance Retail Limited Partnership (PRLP), led by Lend Lease, satisfied the council's criteria to make a full submission.
A council spokesperson said: "The bid received did not fulfil the core principles which had been set at the beginning of the procurement exercise."
The council was concerned it would be "laid open to potential financial risk" by PRLP's scheme, which also fell short of its "aspirations".
These included the pedestrianisation of Terminus Road as well as the provision of a new piazza linking the Enterprise Centre with the railway station.
^ Back to top | BBC Sport Home | BBC Homepage | Contact us | Help | ©
~RS~q~RS~~RS~z~RS~36~RS~)