Make us your home page
Instagram

Credit squeeze kills plan for $70M fuel storage farm at Port of Tampa

A private petroleum company's plans for a $70 million fuel tank farm at Tampa's port are dead, the victim of tight lending markets.

The Tampa Port Authority agreed in September to lease 43 acres to an affiliate of International Oil Trading of Boca Raton to build a facility with 15 to 20 huge tanks and a combined capacity of 1.1-million barrels.

But International Oil Trading put all pending projects on hold that month as lending froze up in response to the collapse of financial giant Lehman Brothers, said Harry Sergeant III, the company's owner.

"Access to capital went from difficult to impossible, even for investment-grade public companies,'' he said Friday. "It was like a garage door slamming shut, and there was no opening it.'' His company never signed the 40-year lease and told port director Richard Wainio last month the deal was off.

Virtually all of Florida's gasoline, diesel and jet fuel enters the state through ports in Tampa, Fort Lauderdale and Jacksonville. There's too little storage capacity, said Sargeant, as evidenced by short supplies when shipping was interrupted during the hurricanes of 2005.

International Oil Trading was lining up oil companies such as Brazil's semi-public Petrobras to deliver fuel to Tampa and market it in Florida, said Sargeant. His company also planned to blend ethanol with gasoline at the site and feed jet fuel into a pipeline to Orlando.

Wainio hopes to resume talks with other firms that had expressed interest in the site. The port authority received $198,000 rent for October through February, he said.

Separately, developers want up to a year to buy 3.5 acres next to the Channelside complex for 250 low-rise apartments and neighborhood retail. Their current deal with the port authority sets a March 31 deadline to close on the land.

The group hasn't secured financing because of economic conditions and tight credit markets, states a memo to port commissioners. They are scheduled to vote on the request Thursday.

Steve Huettel can be reached at huettel@sptimes.com or (813) 226-3384.

Credit squeeze kills plan for $70M fuel storage farm at Port of Tampa 02/13/09 [Last modified: Friday, February 13, 2009 11:08pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Report slams Pinellas construction licensing agency

    Local Government

    LARGO — The Pinellas County Construction Licensing Board mismanaged its finances, lacked accountability and violated its own rules, according to a scathing report released Wednesday by the county's inspector general.

    Rodney Fischer, the executive director of the Pinellas County Construction Licensing Board, resigned in January.  [SCOTT KEELER   |   Times]
  2. A meatless burger that tastes like meat? Ciccio Restaurants will serve the Impossible Burger.

    Food & Dining

    TAMPA — The most red-hot hamburger in the nation right now contains no meat.

    Luis Flores, executive chef at Ciccio Restaurant Group, prepares an Impossible Burger at Epicurean Hotel's Food Theatre. Impossible Burger is a plant-based burger that will launch on Sept. 27, 2017 in all the Ciccio Restaurant Group locations, except for Fresh Kitchen. "This burger caters to the carnivorous, not just the vegetarians" said Jeff Gigante, co-founder at Ciccio Restaurant Group. ALESSANDRA DA PRA  |   Times
  3. Construction starts on USF medical school, the first piece of Tampa's Water Street project

    Health

    TAMPA — Dozens of workers in hard hats and boots were busy at work at the corner of South Meridian Avenue and Channelside Drive Wednesday morning, signaling the start of construction on the University of South Florida's new Morsani College of Medicine and Heart Institute.

    Construction is underway for the new Morsani College of Medicine and USF Health Heart Institute in downtown Tampa. This view is from atop Amalie Arena, where local officials gathered Wednesday to celebrate the first piece of what will be the new Water Street District. The USF building is expected to open in late 2019. [ALESSANDRA DA PRA  |   Times]
  4. Tampa Bay among top 25 metro areas with fastest growing economies

    Economic Development

    Tampa Bay had the 24th fastest growing economy among 382 metro areas in the country for 2016. According to an analysis by the U.S. Bureau of Economic Analysis, Tampa Bay's gross domestic product, or GDP, increased 4.2 percent from 2015 to 2016 to hit $126.2 billion.

    Tampa Bay had the 24th fastest growing economy in the country for 2016. Rentals were one of the areas that contributed to Tampa Bay's GDP growth. Pictured is attorney David Eaton in front of his rental home. 
[SCOTT KEELER | Times]
  5. Tampa Bay cools down to more moderate home price increases

    Real Estate

    The increase in home prices throughout much of the Tampa Bay area is definitely slowing from the torrid rate a year ago.

    This home close to Bayshore Boulevard in Tampa sold for $3.055 million in August, making it Hillsborough County's top sale of the month. [Courtesy of Bredt Cobitz]