The S.S. Keewatin will soon set sail from Port McNicoll again, but this time the historic steamship won't be returning.

Five years ago the Keewatin returned to its home port and was meant to be the centre piece of a billion-dollar development.

That development isn't happening and Skyline Investments has sold the land to another developer who isn't interested in the Keewatin.

"There really is no future for the Keewatin in Port McNicoll anymore," says Eric Conroy, a spokesperson for Friends of the Keewatin. "The new owners of the property have a different marketing plan so there certainly is no place for it here."

Plans for the new development aren't yet known. Mayor Scott Warnock says the Keewatin's departure is disappointing, but the township’s hands are tied.

“What we thought was going to happen five years ago just didn't come to fruition,” Warnock says. “We're not in a position to do anything. It's a ship we don't own, on a piece of property we don't own.”

The $52-million ship needs a new home and new owner. Midland is Skyline's first choice.

"It gets hundreds of thousands of tourists. Midland actually had the shipyard where all the work was done on it," says Conroy.

The sales pitch includes Skyline receiving a tax receipt for the vessel and an army of volunteers to run the ship.  The idea is entertaining, but Midland Mayor Gord McKay has a lot of questions.

“How do you look after a $50-million ship and what is needed to make that happen? Then you have to look at it as a business. This is a tourism asset, who runs it? Will it make money and what do you have to invest over the long term?”

Skyline will be making a presentation to Midland council at the end of February. If Midland isn't interested, Skyline has other options it's considering, which could include moving the ship to Owen Sound or back to Scotland.