L.A.-based developer Rick Caruso may be throwing in the towel on ambitious plans to remake Montecito's historic Miramar Hotel after failing to come to an agreement with community leaders.

After 12 hours of back and forth at the Montecito Planning Commission, Caruso (who developed L.A.'s The Grove and Glendale's Americana at Brand) told the Santa Barbara Independent that he's ready to just sell the land he bought 19 months ago and call it a day.

Caruso had indicated in the past that he wouldn't hold onto the project should an EIR be required, which many community activists are demanding.

"You've got me stuck," he told the MPC boardmembers after they decided a denial of the project would be inappropriate and that they would continue the project to a future date. "I have my own financial concerns. Let someone else figure something else out for the property."


& #8226; Read the full Santa Barbara Independent story .

For reprint and licensing requests for this article, CLICK HERE.