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County's largest mixed-use project abandoned by funder - VeroNews: Vero Beach 32963 ... Page 2 of 3 location for a real estate office and an attorney's office. I have had inquiries from a dentist and an optical shop." Paladin says the 3 -story luxury townhomes he has in mind would likely be offered in several floor plans at prices between $350,000 and $550,000. One possible scenario for moving forward would involve a new developer buying the property from I1 -IP, putting 20 percent of the purchase price down in cash and financing the building operation while IHP carried the note for the rest of the land cost. "7'hev have not committed to financing the purchase, but it is a possibility," Paladin says. This is the second time a grand project has faltered at the site while owned by IHP. It was first developed as Bristol Bay in 2004-05. The 500 -unit residential community got as far as infrastructure installation before grinding to a halt during the real estate recession. In 2011, IHP empowered Paladin to revive the development as Orchid Quay, a $300 -million residential and retail project. Paladin negotiated with the county to increase the amount of retail space through a complex land use swap that took most of year to finalize. He says the additional retail entitlement added considerable value to the property. His plan. approved by IHP at that time on the basis of its initial demographic research, was to build an upscale destination retail center. "It will be a luxury development that will cater to the north island and draw customers from Vero Beach and Sebastian," Paladin told Vero Beach 32963 in 2012. "We will have lots of trees and shrubbery, park benches, pavers and fountains. It is going to be very, nice." Paladin hoped to break ground in 2012 but the project was delayed by uncertainties about road construction at the U.S. 1 /CR -510 intersection, which the county plans to rebuild. Paladin did not want to build his shopping center and then have the road in front of it tom up and potential tenants had the same concern. "The road work really hurt me," Paladin says. "That was big delay." With the project in limbo while the county negotiated with landowners for additional right of way needed for intersection improvements, IHP sent in a new batch of consultants and got cold feet when they saw the demographic and marketing reports. "They want out," says Paladin, "but we are definitely going ahead with the project. 1 have been with the property for a number of years and I am staying with it." http://vAv%v.veronews.coml32963_f eatures/county-s-largest-mixed-use-proj ect-abandoned-b... 4/7/2016 P17