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Temple Terrace project still no go

TEMPLE TERRACE — Once again, the seven-years-in-the-making downtown redevelopment has been delayed.

This time, the scheduled July 1 closing date for the $14.9-million sale of the land on 56th Street and Bullard Parkway has been pushed to no later than Sept. 30.

"If we go beyond Sept. 30, we're going to have to regroup and come up with another plan to get this deal done," said Mike Marshall, redevelopment director for Temple Terrace.

The buyer, Ram Development and Pinnacle Realty, told City Council members at the Aug. 9 meeting that a junior anchor tenant had pulled out because of market conditions. The purchase agreement says two junior anchors must be committed before closing.

Marshall said another speed bump for closing is Temple Terrace's completion of the median improvements, which have already been submitted to the Florida Department of Transportation for approval.

"We're already trying to set aside funding for that part of the project just in case the entire 56th Street project doesn't get completed," he said. "We're looking at possibly breaking ground on that next summer."

As for the closing, Marshall said he hopes the problems will be solved before the contract expiration date of Sept. 30. After that he would need council approval to amend it and continue negotiating.

The council, he added, "seemed tentative about it."

Robbyn Mitchell

Temple Terrace project still no go 08/14/08 [Last modified: Thursday, August 14, 2008 4:30am]
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