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TEXAS CITY, TX-Todd Land Co. has extended its purchase option for a 287-acre as it chases permits for a mixed-use development. The site has been under contract since November 2005.

Earlier this year, Todd Land Co., a subsidiary of Houston-based Westfield Forest LP, got the acquisition rights from Lakeland Partners III, also from Houston, which had agreed to pay $16 million to American International Industries Inc. for the land. The site, fronting Galveston Bay and Dickinson Bayou, is a prime candidate for townhouses, retail, hotel and amphitheater.

An SEC filing by American International Industries of Kemah, TX says the development requires permits from various governmental agencies, which the developer believed could be obtained fairly quickly. According to a press release from the seller, the sales price remains the same, but there is no specific closing date. Representatives from American International and Todd Land did not return calls by deadline.

According to its press release, American International Industries has been carrying the land on its books at a historic cost basis of $225,000. It has in excess of $12 million in tax loss carry forward, which will be used to substantially reduce any taxable income from the sale.

Don Gartman, president of the Galveston County Economic Alliance, tells GlobeSt.com that a slowdown in Galveston County could have been one reason why the sale hasn’t proceeded as quickly as originally thought. “Two years ago there were a lot of projects planned, and experts predicted a big rush into this area,” he adds. “But given the slowdown, a lot of those projects have been shifted or postponed. This might be one of those.”

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