Proscenium Project Sustains a New Blow

SARASOTA, FL-The long-awaited land sale for the $1-billion mixed-use complex has yet to close.

By Sarasota Herald-Tribune | March 05, 2009 at 05:38 PM

Sarasota Herald-Tribune

GlobeSt.com reported last summer that Proscenium sought a $100-million bridge loan to finance pre-development of the ambitious project, which is to include a 225-room Waldorf-Astoria luxury hotel. Real estate experts say the developers' inability to acquire the land is not surprising given current economic conditions.

To read more about the latest challenges facing the Proscenium project, click here.

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