Update: Waks Development has withdrawn its proposal to build a $60M 160-home retirement village on Ferrero Road after the Council blocked the rezoning of the rural land.

Waks’ Steve Thomas, who has been developing projects in the area for the last 20 years, said he was disappointed to make the decision after spending 10 years – and $1.5M – championing the village.

“Our aim was always to provide an affordable retirement option for locals. Under the current circumstances, we will not be able to deliver the quality retirement homes at the price levels we had hoped for, due to the time frames and costs we would have to face,” he told Newsport.

He now hopes that someone else will step in to take over the process.

Councillor Michael Kerr, who supported the development, said he understood that it was no longer viable for Waks to press ahead, but says a retirement village is still needed for Port Douglas.