The controversial King Alfred development will not be built for years even if a backer supports the plan, the project’s developer has conceded.

Josh Arghiros, director of Karis, broke the news after Brighton and Hove Council leader Mary Mears expressed renewed doubt the £290m development will ever be built.

Yesterday, just weeks before the council’s development agreement with Karis expires on November 9, Councillor Mears told cabinet members: “We are clearly not very hopeful at present that an alternative funder can be found to replace the Dutch Bank ING who have withdrawn from the project.”

She said a report concerning the scheme would be discussed at November’s cabinet meeting and added: “We are not in a position at the present time to make any final position statements on the subject of the King Alfred.”

However, last night Mr Arghiros said he remained hopeful the development would go ahead, saying he had two interested investors.

He added the current economic situation meant major developments were not moving forward.

He said: “The world is a different place to what it was six months ago but we do have two investors who are both interested. They are quite willing to come forward and take part in the project but no one is actually willing to start a development now.

“We will be putting our case across to the council when we meet with them next week.”

He added the company will ask the council to extend the development agreement between them.

Mr Arghiros said: “We want an extension to the development agreement until the market is confident again.”

However, he admitted that it will be “a matter of years”.

Mr Arghiros added: “If the council says no it will be back to square one and I think it will be a huge shame for the city. No one is moving forward on any major development at the moment and this is the sensible thing to do, to wait until the market is strong again.”