Whitsunday Regional Council has terminated its agreement to sell 45-71 Waterson Way, Airlie Beach to the developer behind the proposed $300 million Chinatown project.
Whitsunday Chinatown Investments had until 4pm on Wednesday, February 3 to provide the council with the purchase price balance of $2.5 million and a bank guarantee of $1 million.
Deputy mayor Andrew Willcox said the council had provided Whitsunday Chinatown Investments with multiple extensions to settle the contract.
“Council has worked closely with the proponent to get this project off the ground, and we have gone above and beyond, and given chance after chance, to allow the proponent the opportunity to complete the contract,” Cr Willcox said.
Meanwhile the council is working with local business and community stakeholders to oversee a $400,000 revitalisation of the Airlie Beach foreshore.
The Airlie Beach Foreshore Project Control Group will be responsible for revitalising the area near the Whitsunday Sailing Club which was previously used as a bus transit terminal.
The council has allocated $400,000 in its 2015/16 budget for this project, whose scope will include looking at the bus transit terminal structure and the area currently used as casual parking, and a possible larger green zone for public community use.