The news from Multi Development UK comes just five months after the scheme was given the go ahead to carry on after a legal challenge that had threatened to shut it down was dropped.
Multi Development UK said in a statement that the scheme’s “development partners have not made their funding available on time.”
The developer entered into the scheme with the backing of NI Investors.
It hopes to be on site in 2009, after originally aiming for a start date in 2007.
After the legal action this year, launched by London & Cambridge Properties - which owns the Wulfrun Shopping Centre in Wolverhampton – was dropped, this date was changed to the beginning of 2009.
But today’s announcement confirms that the scheme will now be put on hold until the developer can secure the funding it needs.
Multi Development UK managing director Paul Sargent said: “[We] are devastated that NI Investors have not completed on the formal funding agreement within the established time frame. Without their financial forward commitment to the project we are unable to proceed as planned.
“We are in unprecedented times now and should we need to identify new funding partners it will be difficult to do so but we will not give up.”
The plans for the£300 million scheme, which would sit on a 775,000 sq ft site in the city centre, include a 105,000 sq ft Debenhams as well as 85 other retail units.
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