The long-anticipated, much-vaunted Horizon project is on hold. Considered the crown jewel of Oakland Park’s downtown development, the new delay seemed to catch the city and residents by surprise.

The delay came up at the June 17 city commission meeting, and was a late addition to the agenda. Developers say they are looking to reevaluate the profit margins and want to tinker with the parking garage plans. They say they aren’t considering any changes to the already-approved exterior designs. 

Alfonso Costa Jr., COO of Falcone Group, the property’s developer, said Falcone is still committed to the project. “It’s not us stepping back. It’s us saying this is where we are right now,” he added, citing inflation and other cost factors.

In exchange for the delay, Falcone is adding an additional $350,000 in “good faith” money to the additional $550,000 already paid. The money will be applied to the purchase at closing. Oakland Park keeps the cash if the deal falls through.

Horizon is set to go on the site of the old city hall and Spiher Recreation Center and be a mixed-use site, with 311 living units and 21,000 square feet of commercial space. Falcone was supposed to close on the land last week and break ground in August or October. The new five-month delay means it will be close to Thanksgiving for closing and groundbreaking pushed into 2027.