IIRC development partners pulled out because of community opposition to development plans which had to be scaled back. If the return on investment is too low then its not surprising the partners pulled out. 

If the state really wanted the enterprise to succeed with a lower return, then it could have helped bail out the company - like forgiving the back rent the company owed. It was uncollectable anyway because of the lack of financing.

This op-ed does not recognize the reality of the failure of this effort. It's not enough to say just try again. It should be try something else. What is that something else?