PORTLAND (AP) – Portland’s planning director says a developer has pulled the plug on a major project that officials viewed as the centerpiece for the revitalization of the city’s Bayside neighborhood.

Lee Urban quoted an associate of developer Ted West as saying the recent meltdown in the credit market and the growing prospect of an economic recession caused the deal to collapse.

West’s project included a 700-space, $18 million parking garage, an 80,000-square-foot office building and a 64-unit apartment or condominium building.

Urban said West’s Atlantic Development Co. canceled plans to buy a 3.5-acre parcel of city-owned land for $3 million.