Spirit Mountain, a developer based in Scottsdale, AZ, had planned to build a $225-million hotel-training center complex. Its plan would have included a 640-unit hotel, a corporate training center, four restaurants, indoor water park and movie theater. The plan also would have included the city's first public arts center and its 750-seat theater.

But the company was unable, for the second time, to pay the city for the land. Development had been anticipated to start last year, according to city officials. Spirit Mountain still hopes it can find another financial supporter to revive the project, but city officials say they will look for another developer.

The Heart of the City is located along Nicollet Avenue, south of Highway 13 and north of Burnsville Parkway. The project involves transforming 54 acres straddling Nicollet Avenue near Minnesota 13 into a new town center, complete with housing, parks, stores, parking ramps and links to mass transit.