The $1.8 billion "ballpark village" proposal featured a 32,000-seat, baseball-only stadium surrounded by commercial, retail and residential units.
"I expressed my regrets and gratitude, especially to those people who shared our vision and spent endless hours in support of our proposal," Wolff said. "However, it became increasingly clear that our ballpark project faced significant delays ahead, and I could not, in good conscience, continue to lead our team down this path."
MLB Commissioner Bud Selig has long contended that the A's need to move out of 42-year-old Oakland-Alameda County Coliseum, a multi-purpose stadium that doubles as the home of the NFL's Oakland Raiders, in order to survive long term, and Wolff made building a new stadium a priority upon purchasing the team in 2005.
After coming up unsuccessful in finding a mutually agreeable construction site in Oakland, Wolff expanded his search and settled on Fremont, which is about 20 miles south of Oakland. But almost immediately after the plans for "Cisco Field" were announced, a variety of hurdles popped up in the early stages of the approval process.
Wolff remained confident through the end of last year that the plan would eventually push through, and there's even a two-page section in the team's 2009 media guide touting Cisco Field as the "Future Home of the Athletics."
Tuesday's announcement comes on the heels of several public expressions of frustration from Wolff, who suggested that he plans to take some time to enjoy his team before exploring other stadium options.
"My focus now is on baseball, with Spring Training and the opening of the 2009 season," Wolff said. "I am extremely excited about the team's prospects this year."
Wolff added that he has no plans to move the A's out of the area.
"My goal and desire for the organization is to determine a way to keep the team in Northern California," he said. "This goal has not changed."