The presence of a sewage lagoon and market conditions are being blamed for delays in creating what was hoped to be a downtown-like waterfront space in Stratford, P.E.I.
Three years ago, trees were cleared and a road was built, but none of the lots has been developed.
The Charlottetown Area Development Corporation owns the land, and general manager Ron Waite told CBC News having the sewage lagoon nearby is making it harder to fill the higher end lots. He said market conditions are not helping either.
"It's intended to be a fairly high end development and there hasn't been a lot of market for it," said Waite.
"We have had one developer that has expressed some interest but, given the current vacancy rate in and around the Charlottetown area, is a bit reluctant to make a substantial investment."
Waite says the CADC wants to find a developer interested in commercial and residential buildings for the land.
Stratford also announced plans this year for a waterfront park close to the proposed development.
For mobile device users: Would you like to live or work in the proposed "downtown" on Stratford's waterfront?