After 11 years and plenty of starts and stops, Skyline International Developments is raising the white flag in Port McNicoll

Skyline is selling its 334 hectares of land to Milborne Real Estate from Toronto. The sale does not include the S.S. Keewatin Steamship.

The mayor is excited that there's a new focus for the land.

“It certainly is a step in the right direction,” says Tay Township Mayor Scott Warnock. “All the indications we have so far is that they are here to get the project moving.”

On Wednesday, Skyline's CEO confirmed the pending deal on the phone.

“It is a signed deal and I think it is going to be great for the community of Port McNicoll because I think this group will create some good things up there for the residents,” says CEO Blake Lyon.

Skyline purchased the land in 2006 and had billion dollar plans to build more than a thousand homes, a new marina and yacht club. Warnock hopes the new group can make that vision a reality.

“We're excited about the possibility of not only a residential component being built, but also the marina and yacht club, which will go a long way to driving the entire economy of Tay township and north Simcoe.”

The sale is expected to close in mid-July, meaning the only construction that happened was at Dock Lane, a dozen or so homes making up less than one per cent of their total goal of 1,400.