Plans to turn land west of Daventry town centre into shops, restaurants and a hotel have been scrapped.
The plans for Site 5 of Daventry District Council's (DDC) town centre vision - drawn up in 2004 - were approved in March 2018 but the local authority announced an end to its partnership with Henry Boot Developments "on good terms".
Infrastructure costs and "market conditions" are said to be behind the decision.
The Oaks development included food stores, shops and a hotel on land at the Waterloo, Gasworks and Chaucer Way and would have seen the Eastern Way roundabout and three subways removed.
The council, which meets on Thursday, February 21, will be asked to confirm the agreement with Henry Boot Developments should come to an end.
Councillor David James, DDC’s portfolio holder for economy, regeneration and employment, said: "The council recognises the substantial investment made by Henry Boot and regrets that this partnership will need to come to an end.
"However, we do have a range of stores who want to come to Daventry, and the council will explore how best to make this possible.
"Henry Boot has offered the council use of the information it gathered during the time it was working on the scheme, which shows a spirit of partnership even as this relationship ends.
"In the meantime, the council’s work on the cinema and restaurants at Mulberry Place will press on."
In December, it was announced the cost of the Mulberry Place development - site 1 of the town centre vision - increased by £4 million to £12.3 million.
Vivienne Clements, director at Henry Boot Developments, said: "Despite our very best efforts and a great deal of investment, we have been unable to move this scheme forward.
"While interest from national retailers has been encouraging, market conditions and infrastructure costs have unfortunately made the scheme unviable.
"We have parted ways with Daventry District Council on good terms and wish them well for the future as they seek to bring the site forward in a form that best serves the community."
It was hoped the development would be completed by spring 2020.