LOUISVILLE, Ky. (WDRB) -- It looked promising, but on Wednesday city leaders got word that the developer of west Louisville's FoodPort was no longer moving forward with the project.

In March, Mayor Greg Fischer signed an agreement giving a vacant 24-acre field at 30th Street and Muhammad Ali Boulevard to the non-profit Seed Capital Kentucky for $1.

The plan was to develop the property into a $56 million FoodPort. It would have been a collection of food-related businesses, from growing and processing to distribution and sales.

Sixth District Metro Councilman David James (D) said the anchor business pulled out of the project due to "internal financial issues." That business was planning to build a vertical hydroponic growth operation. 

He said the city will continue to try to develop the area, adding that a community group association is discussing other options and that at this point "anything is on the table." 

"West Louisville still needs a tremendous amount of economic investment and development," James told WDRB News. 

The original plan would have meant the FoodPort would be up and running by mid-2017. The land will now go back to the city.

Related Stories:

Copyright 2016 by WDRB Media. All rights reserved.