Feb. 19, 2014

Roadblocks Continue for Channelside Bay Plaza

Channelside Bayside Plaza front signRoadblocks Continue for Channelside Bay Plaza. After rejecting a potential deal for Liberty Channelside LLC to purchase Channelside Bay Plaza in May 2013, the Tampa Port Authority decided to purchase the entertainment and retail complex. On February 18, 2014, a federal bankruptcy judge rejected the Tampa Port Authority's $5.75 million deal.

Channelside Bay PlazaIrish Bank Resolution Corp. currently owns the mortgage on the building after foreclosing on the entertainment and retail complex in 2010. The land the complex sits on is owned by the Tampa Port Authority. Currently, both the Irish Bank Resolution Corp and the Tampa Port Authority have to agree upon and approve a potential buyer for Channelside Bay Plaza. If the Tampa Port Authority purchases the complex, both the land and the building would then be controlled by the public agency.

With the Irish Bank Resolution Corp. seeking bankruptcy protection for its American assets, the federal court is overseeing Channelside Bay Plaza. The federal judge decided that the Port's $5.75 million was not enough money to purchase the complex. A competing offer of $7 million has been presented by Liberty Channelside LLC who also sued to end the Tampa Port Authority's deal.

A Crowd at the Channelside ComplexThe Tampa Port Authority is willing to pay more money for Channelside Bay Plaza and is working on a more legally sound offer to purchase the complex. The Irish Bank Resolution Corp. is improving the process to accept new bids on the plaza. Liberty Channelside LLC has asked the federal judge to consider putting the complex up for auction and to remove the Port's ability to block the sale of Channelside or purchase the mortgage. In turn, the Tampa Port Authority has filed a motion for the judge to dismiss Liberty Channelside LLC's lawsuit blocking the plaza's sale. The federal judge is set to hear arguments on April 1, 2014 as the roadblocks continue for the once busy and bustling Channelside Bay Plaza.

Photo A Crowd at the Channelside Complex courtesy of kthypryn; http://www.flickr.com/photos/44603071@N00/3189538943/
Posted in Channel District
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