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A review will take place over the future of Ramsgate's Pleasurama site after developers missed the deadline to prove they intended to complete their project.
A Pleasurama Site Development Task and Finish Group is to be set up by Thanet District Council after a meeting where members decided to review all options for the development of the Ramsgate seafront site.
Developers SPF Ventures were given four months by TDC in January to demonstrate that finance was in place for completion of the development or to prove an agreement was in place for a hotel to be built.
And now that deadline has passed without the criteria being met, the cabinet has decided to review its options for the site.
Cabinet member for operational services Cllr Alan Poole said: "The council is very keen to see the plans for this important site come to fruition.
"Discussions are still under way with the developer, and will continue with the aim of resolving the current situation to develop the site as agreed, but we have to be realistic.
"We've waited a considerable amount of time for the developer to meet their obligations, and whilst we acknowledge the challenging economic climate, but there has to be a conclusion.
"Cabinet has agreed to a review of the situation to progress the regeneration of this prime site quickly and efficiently, however there is no doubt that this will involve some detailed and challenging discussions.
"The current development has planning permission, leases and an agreement in place so any alternative proposal would need to be carefully considered to ensure the finances and legal position could make this a viable option."
The former amusement park has been contentious since 2003 when developers SFP were granted planning permission to build 107 apartments and a luxury hotel on the site.
Ten years later, very little construction work has taken place - sparking fears the company cannot afford it.
Earlier this year, councillors set a deadline of May 22 to the developers to prove they intend to complete the project - known as the Royal Sands - or relinquish their rights to the site.
And during a TDC meeting in April, a petition was presented with more than 1000 signatures against the sale of the freehold site to developers SFP Ventures.