A $50 million residential tower proposal at Invermay is "dead".
The JMC group's Errol Stewart was behind the proposal.
On Wednesday he sent a letter to councillors explaining the reasons behind his decision to withdraw the application.
"Below is a letter I sent to a dozen parties last Thursday and Friday informing them our Kings Wharf Towers Project is dead," he said.
Mr Stewart said the council had given him an 11 page letter detailing 31 issues with the development.
"Essentially it meant we had to undertake six additional reports by professional experts on flooding, environmental, noise, air quality, traffic, emergency management, inundation, the list goes on," Mr Stewart said.
Mr Stewart said his planner said council staff had already made the decision that the development was not going to get approved.
"Whilst I still believe the development would have stood the scrutiny, the letter detailed that council would peer review some of the expert reports meaning it was going to be a long hard slog and at the earliest perhaps a 2021 start if approved and a further quantum of money," the letter said.
"Certainly it was a bold development, but there have been many major developments in Invermay in recent times."
A draft zoning amendment was submitted to the council on October 29, with Mr Stewart telling the council last week he would be pulling the development.
"[Its] almost impossible to navigate the planning approval process. Launceston's loss in my view of course, he said.
"We think if we can find a suitable site elsewhere and we may seek a new development approval so we can recover our structural and architectural costs as clearly interest was very encouraging."
The City of Launceston council has been contacted for comment.
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