A developer that planned to develop 100 acres of land at the Tiverton Business Park has pulled out of the $5 million deal.

NorthPoint Development Corp. recently terminated its $5 million agreement with the town for the purchase and development of the municipal land, citing the financial market and regulatory issues as some of the reasons.

Tiverton Town Council President Denise deMedeiros announced the company’s decision at the start of last week’s council meeting.

“One of the reasons is because of the financial market right now and all of the hoops they had to go through with the state of Rhode Island,” she said. “We do hope they will come back at some point, but as of right now, the land is for sale.”

In addition to the town’s property, the company had planned to purchase privately-owned parcels of land adjacent to the business park. Company representatives initially said they would acquire a total of 275 acres, half of which would remain undeveloped. Plans called for an investment of $218 million in the project, which was to include construction of five buildings, in phases, to be leased to commercial clients.

Town officials had cause to celebrate when the agreement was initially signed, as marketing efforts had been only sporadically successful since the land was purchased by the town in the 1980s. Finally, Town Administrator Chris Cotta said in discussing the development last summer, “the town will be out of the real estate business.”

In an e-mail, Cotta said the NorthPoint team gave the town a full explanation regarding the financial market conditions that led to the decision.

“Financing a project this large over multiple years, waiting on approvals from both the state and the town has become very difficult to finance using traditional construction loans,” Cotta said. “Unfortunately, the Tiverton project was one of their newer acquisitions that they decided they needed to hold back on due to financing.”

Cotta said the company completed an extensive amount of surveying and engineering work as part of their due diligence, and the information has been passed along to the town.

“I would have no issue dealing with them in the future if they ever decide to return and the town still has the property available.”

Company representatives did not respond to a request for comment.