The owner blames the Moosehead resort’s demise on a lack of funds

An ambitious ski resort rehabilitation project in the Moosehead Lake area fell through because the developer’s funding collapsed, the property owner said.

The development team working to revitalize a partially disused ski area in Piscataquis County told officials at Eastern Maine Development Corp. on Wednesday that they will halt the $126.3 million project.

The project’s demise dashed plans to rejuvenate the region with hundreds of jobs and a significant economic boost. A confluence of events — including skyrocketing material costs, a changing investment climate, challenges from a community group and delays in public hearings — prompted the resort team to resign, according to regional development officials.