PUB chain Wetherspoons says its restaurant and hotel development in Ilfracombe will not be open until at least 2014.
The national firm, which purchased the former Collingwood Hotel site on Wilder Road in 2007, has also ruled out possible plans to include six penthouse apartments within the development.
In January Wetherspoons demolished the former Collingwood Hotel to make way for a new 54-bedroom hotel and restaurant.
Since the demolition the site building has sat dormant for several months.
Originally the firm said it hoped to open the doors of the new development around March 2013.
However, spokesman Eddie Gershon said they may have jumped the gun.
He said: "I have been told that the pub and hotel will take 12 months to build and the company aims to have it open 18 months from now."
Mr Gershon dismissed rumours that the firm was planning to submit new plans for the site, which would include six penthouse apartments.
He said: "This is not something Wetherspoons will be doing."
District councillor Philip Webb, who is also a member of the town council's development sites group, said he was disappointed the development was dragging on but said people had to be realistic.
He said: "Everything takes longer than we'd like, we want things done yesterday.
"This is a very important project for Ilfracombe and we want to see it start as quickly as possible."
In April the Journal reported that Wetherspoons had committed itself to the project amid rumours it had pulled out of the seafront development.
At the time, Mr Gershon said: "We are definitely going ahead with this project and have no plans to pull out."