SAN RAMON — The 2.21-acre site that is home to the shuttered Mudd's Restaurant should soon be back on sale now that plans for a new restaurant there have fallen through.

An agreement with Michael LeBlanc, the owner of Oakland's Pican restaurant, for a new restaurant there was terminated by the city Tuesday after LeBlanc failed to provide proof of financing.

For nearly three decades, the once-popular Mudd's Restaurant, at 10 Boardwalk Place, was a place for fine dining, weddings and receptions and corporate retreats. It was known for its grounds and a garden where vegetables were grown for use in the restaurant. But Mudd's closed its doors in June 2008.

In December 2008, the San Ramon Redevelopment Agency purchased the property through the foreclosure process for just over $2 million.

LeBlanc entered into a an agreement with the agency in February 2011 with plans to demolish the existing building and construct a new one.

The preliminary estimate for LeBlanc's project was $4 million to $5 million, according to Marc Fontes, San Ramon's economic development director. The redevelopment agency would have contributed $500,000 to the project for infrastructure improvements, such as improved access, utility work and parking improvements.

Under the agreement, LeBlanc was required to submit evidence of financing for the proposed project. According to a city report, he requested a 90-day extension when the deadline expired in February 2012. In December, he was sent a written demand letter but did not respond.

A call to LeBlanc on Thursday was not returned.

The City Council acts as the successor agency to its redevelopment agency since the state of California dissolved all redevelopment agencies last year. The successor agency must dispose of properties that were owned by the redevelopment agency.

The successor agency will next request approval of the sale by its advisory oversight board, which is made up of representatives from the various taxing agencies in the area -- including the city, county, fire district and school district.

"The goal would be to sell the property later this year," Fontes said. "The proceeds would be distributed to the various taxing agencies. I believe the value of the property is similar to what it was when we purchased two years ago."

Contact Jason Sweeney at 925-847-2123. Follow him at Twitter.com/Jason_Sweeney.