The city plans to announce Wednesday that it is severing its relationship with Market Square Partners, the group that was supposed to develop a high-rise condominium project on the site.

The group had already been given two extensions to get the project off the ground but it was unable to pre-sell enough units to secure its financing.

Mayor Bart Peterson's spokesperson, Justin Ohlemiller, said the city will wait until after the first of the year before announcing guidelines for new developers who might want to take over the site.