The team behind a plan to establish a new theatre and arts centre in Dorchester are giving up after eight years trying to raise the funds needed.
The board of The Maltings Arts says the £12.5m project is no longer achievable: "We came to this conclusion with a heavy heart, as we and many other organisations and individuals have put a huge amount of effort into the planning, promotion and fundraising efforts," Chair Louise Sheaves said.
"Projects of this scale always require a large number of funders to come together at the right time, but in this case budgetary pressures on all sides have resulted in the funds not coalescing in time."
Mark Tattersall, Artistic Director of Dorchester Arts, said he was "bitterly disappointed but this is the right decision under the circumstances".