Town officials were notified on Friday.
Barnstable Town Manager Thomas Lynch said the principal investor in the project may have had some reservations about the museum but it’s unclear at this point what the major sticking points were.
“There may have been some risks that we didn’t know about but they made a business decision not to move forward,” he said.
Lynch said he has not yet received formal notice of the termination of the project but expects to hear something soon. The fate of the building is unknown at this point.