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SARASOTA, FL-The developer behind the $1-billion Proscenium mixed-use project is in talks to relocate it across US 41 to vacant land at the former Sarasota Quay property, sources familiar with the discussions have told the Sarasota Herald-Tribune. If the negotiations with lender Anglo Irish Bank reach fruition on the property, Proscenium developer Zeb Portanova would abandon plans to build the 18-story, Waldorf-Astoria-anchored project on seven acres at 400 N. Tamiami Trail.

In an interview earlier this week, Portanova said he and his Atlanta-based financier, Greencastle Asset Management, would soon complete a transaction that would explain delays in acquiring the original property but declined to elaborate. Portanova has failed in seven attempts over the past year to buy the property for $70 million and does not now have the land under contract.

Proscenium is slated to contain 225 hotel rooms, 1,600 entertainment seats, 300,000 square feet of class A office space and a small retail mall, and moving over to the Quay site would give it a direct waterfront view, unlike its current landlocked site. Click here for the story by the Sarasota Herald-Tribune.

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