Administrators have been called in for Modus’ £200 million Trinity Walk retail scheme in Wakefield.
The announcement has been made one week after construction work, being undertaken by York-based Shepherd Construction, stopped on site.
KPMG administrators Jane Moriarty and Myles Halley are now looking at options for the development, which is a joint venture between Modus and investment giant Ciref.
They said the scheme had been placed into administration at the request of the directors.
Ms Moriarty said: “Trinity Walk is a victim of value erosion in the property sector. The economic downturn and resultant downward pressure on property values is impacting on the viability of many developments.
“Construction has stopped as we work with multiple stakeholders to explore a way forward for the development.”
Work began in 2007 and was scheduled to complete in 2010.
Ms Moriarty said she understood 40 per cent of the centre’s retail space had been pre-let.