In June, the Des Moines City Council approved in June the preliminary terms of a development agreement for the build-out of Cold Stream Business Park.

CFI Tire Inc. was slated to be the first business to locate in developer Andy Holt’s approximately 50-acre light industrial park at 4500 Hubbell Ave., confirmed Rita Conner, a city economic development coordinator.

But Tim Barardi, CFI’s owner, said yesterday that the project has now been put on hold indefinitely, citing “financing issues.”

Conner said other businesses have shown interest in relocating and expanding their operations to the park, including Holt, who is expected to relocate his Water Landscape Supply business to Cold Stream within the next 18 to 24 months.

CFI Tire’s proposed project, an approximately 166,000-square-foot building with an estimated construction cost of $11.5 million, may move forward next year. “That’s a possibility,” Barardi said.

Conner said the developer’s intent is to finalize the land acquisition this month and begin an estimated $2.7 million worth of infrastructure work, though it may be after the first of the year before the site work gets under way. In April, the parcel was subdivided into nine lots for commercial development.

“We are excited about the development for sure,” Conner said. “It’s an opportunity that you don’t see every day to promote light industrial growth at a business park level.”