Breslin was one of four developers to express interest in the site, through Nassau County's request for qualifications process that began last month.
At the time of the request deadline at the end of July, Breslin said he was still putting together his application because he had been asked at a late date to become involved.
"It was just impossible for me to get together an application that would be worthy in the period of time they provided," Breslin said Thursday. "We've elected not to go forward."
Breslin said he met with County Executive Edward Mangano this week and asked for another 30 days, but was told that wasn't possible.
"You have to be able to do things in due course and good time, and to do it correctly instead of just rushing it because you had a deadline that was too short to begin with as far as I was concerned," Breslin said. "I had a plan in my head that I had to get onto paper . . . All of that needs time and you can't do that overnight."
But Mangano spokesman Brian Nevin noted that the other developers had completed their presentations on time. "The deadlines were clearly denoted and all other respondents are in compliance," he said in a statement. He wouldn't comment further since the review process is ongoing.
Breslin said he had hoped to develop a mixed-use project, focused on housing and entertainment for young residents. He said that if he is approached by the winning developer, he would consider a future role in the site.
Plainview developer Donald Monti, of Renaissance Downtowns, Garden City developer Edward Blumenfeld and Patchogue-based Baldassano Architecture are the three remaining candidates for the role of master developer at the Coliseum site. New York Islanders owner Charles Wang has said he will not stay at the current Coliseum past the expiration of his lease in 2015.