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SARASOTA, FL-Developers of the $1-billion mixed-use project known as the Proscenium failed to close on its seven-acre land assemblage last week, the latest in a series of obstacles, reports the Sarasota Herald-Tribune. This is the fifth time since mid-2008 that the developers have missed deadlines to close on the 18-story project’s planned site in Downtown Sarasota, carrying a $10-million-per-acre purchase price.

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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