Vero Beach’s long-planned Three Corners redevelopment is still advancing, but the city and its selected developer will have more time to finalize key deal terms.

City Manager Monte Falls asked for a 30-day extension tied to the project’s letter of intent, giving city staff and ClearPath additional time to continue negotiations on a master development agreement and lease structure. The original 120-day negotiation window was set to expire July 11, and the extension moves the deadline to August 11, the same date as a City Council meeting.

The discussions follow several months of work between the city and ClearPath, which is pursuing the redevelopment of the former “Big Blue” power plant property. The proposed project, estimated at about $250 million, would remake the waterfront site into a mixed-use destination with hotels, dining, retail, event space and a marina.

Falls said the city and developer have recently exchanged draft documents, including a proposed master developer agreement. City staff is reviewing the materials and preparing feedback as negotiations continue.

The project gained renewed momentum earlier this year after ClearPath submitted a $50,000 deposit to the city, allowing the parties to move deeper into formal negotiations. Since then, much of the focus has been on the lease terms for the city-owned property.

While city officials are aiming to make progress before the new August deadline, some council members questioned whether another month will be enough to resolve the remaining issues. Councilmember Linda Moore said she was not surprised by the extension and expressed skepticism that the added time would produce a final agreement.

Falls emphasized that the city does not intend to rush the process, noting that the redevelopment represents a rare opportunity to shape one of Vero Beach’s most important waterfront properties. He said any agreement brought back to the council must be beneficial to the city.

The former power plant shut down in 2015, and a concept plan for the site was approved in 2022. Under the city’s broader vision, the property is expected to combine private commercial development with public amenities, including parks, cultural and recreational areas, and waterfront access.