The Hawaii Department of Land and Natural Resources plans to terminate the lease with Honey Bee USA on Sunday after the firm failed to raise $35 million to do its planned “Waikiki Landing” development project on three acres of land at Ala Wai Small Boat Harbor.

The Board of Land and Natural Resources said at its meeting Sept. 25 that it would vote to end the lease at its November meeting, which was held Friday, if the developer was still unable to secure the funding.

The DLNR issued a news release this week saying Honey Bee also owes $562,932 in back rent.

The project was to have included wedding chapels, restaurants, retail and office space, a boat repair facility and fuel dock, the release says.

“(Division of Boating and Ocean Recreation) believes it has been extremely patient and accommodating to Honey Bee, but the prudent course of action is to terminate the lease,” said Ed Underwood, DOBOR administrator, in the release.

“We can then begin the process of seeking a new development proposal for this prime Waikiki property,” he said.