The competition to develop a prime piece of downtown Miami real estate took a turn yesterday when the bidders—including Miami dealer Gary Nader whose personal project has been to build a museum of Latin American art from his own collection—were informed that Miami Dade College, which owns the land, was wary of taking on the cost of maintaining a new museum there.

Here’s the Miami Herald’s reporting on the meeting:

“We have serious concerns about the future feasibility and operational expenses for a facility like a large museum with valuable works of art,” college Provost Rolando Montoya said.

Nader, who had spent the past 18 months telling anyone who would listen that he would create an art museum that would rival any across the globe, was floored. After all, the college had required bidders — all of whom intend to turn a profit by also building some combination of commercial, hotel and residential towers on the site — to submit development proposals that included a 3,000-seat conference center, 1,600-seat theater, and a museum around 100,000 square feet.

“Shall I come to you with a new proposal with no museum? No donation?” Nader said. “I don’t know what to do.”