William Fitch told the Times yesterday (Tuesday) that his family had pulled the pin on a $40 million development on the corner of Wason Street and the Princes Highway because it had "run out of time, money and patience" after four years of dealing with Shoalhaven City Council and the State Government.

The proposed 'Anchorage' development was to have included tourism-based eateries and shops facing Wason Street and the harbour as well as office space and 35 residential departments.

Mr Fitch described the latest development as "very disappointing" and said the family's dreams of a signature development had "gone down the shute".

"Wee thought we had a really good design," he told the Times.

The Fitch family has owned the land for more than 100 years.

Mr Fitch said the land would now sold off with the two vacant blocks expected to be sold first.

The two other blocks contain retail outlets and an old home.