Syracuse University has fired the developer of its new bookstore and fitness center.

The university notified Cameron Group LLC Friday afternoon that it was terminating the project and reclaiming the worksite, Kevin Quinn, senior vice president for public affairs, said in a statement. The company failed to meet the requirements of the development agreement, Quinn said, citing construction delays and a lack of construction financing as two examples of this.

“The developer has been unable to adequately address the University’s concerns or demonstrate credible ability to successfully complete the project as it had contractually agreed to do,” Quinn said in the statement.

The company’s lack of action also made it increasingly unlikely that the project would be completed by the June 18, 2015 deadline set in the contract, Quinn said.

The new bookstore was to be built at 601 University Ave., next to the University Avenue Garage on SU-owned land. The project costs $20 million, and was originally proposed in 2012. Cameron Group LLC is a private company and had been given a 30-year tax exemption for the project by the city.

“When envisioned, this project would have provided significant new space for several important University needs and made current space on campus available to meet other priorities,” Quinn said in the statement. “However, the University can wait no more and must move ahead.”