TAMPA—The Board of Directors of the Tampa Port Authority approved a proposal on Tuesday to acquire the Channelside Bay Plaza property for $5.75 million from the Irish Bank Resolution Corp.
The proposal calls for the port and the owner of Channelside to terminate lawsuits as well as existing lease agreements, according to the Tampa Bay Business Journal.
“It's not a straight forward buy and sell like with your house,” port President and CEO Paul Anderson says. “This is a very complex deal, and this is only the first step.”
The purchase transaction is expected to take anywhere from three weeks to eight weeks to finalize. Once the deal closes, Anderson says the Tampa Port Authority could issue request for proposals on what to do with the Channelside property. See story in the Tampa Bay Business Journal.
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