The 225-million-euro Ses Fontanelles shopping centre at Playa de Palma, Majorca was supposed to be up and running by the end of 2016, bringing nearly 5,000 new jobs to the area.
However the developers were forced to go to court time and again to try to secure authorisation for the building work. They were denied the necessary licences for the project until October last year.
The owner, French real estate group Unibail Rodamco (URW), estimates a 217 million loss of profits if the project does not go ahead.