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HomeFed, a Carlsbad, Calif.-based development company, has pulled out of its agreement with the Port San Luis (Calif.) Harbor District to build the Harbor Terrace development — leaving the district on a tight time schedule to get it started, the San Luis Obispo Tribune reported.

The project calls for creating 184 campsites on 32 acres, including tent and RV sites. It would be built next to the entrance to Diablo Canyon nuclear power plant.

In a letter to the district, HomeFed terminated its development and lease agreement to build and operate the $20 million campground project. The district’s Board of Commissioners will discuss the project and consider possible next steps when it meets Tuesday at 6 p.m. at the harbor’s Coastal Gateway Building.

HomeFed President Paul Borden said Monday he would not discuss the reason for backing out of the deal. Harbor Manager Steve McGrath said the company determined that the project would not be economically viable given the amount of excavation and environmental remediation required by San Luis Obispo County and the California Coastal Commission.

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