Developer pulls out of Somerset regeneration site plans
Bristol-based Acorn Property Group's bosses said they were abandoning plans
Somerset Council's preferred developer to build on the Saxonvale site in Frome has pulled out.
Less than 24 hours after the local authority selected them - Acorn Property group released a statement withdrawing from the process.
Somerset Council announced on Wednesday that Acorn's bid had been accepted over Mayday Saxonvale's proposals.
But the developer says it is clear the local community does not wish to work with them.
The council says it will now consider its next steps.
The local authority is selling the land, which lies in the heart of the town centre, in a bid to help balance its budget, after declaring a "financial emergency".
The land owned by Somerset Council has faced a series of setbacks, including an intervention from the High Court.
Acorn Property Group said it wished Frome and the local community the "best of luck" in developing "this wonderful site" in whatever way they choose to go forward.