The Tampa Port Authority is growing impatient. They want the sale of the Channelside Bay Plaza complex to happen, but negotiations between its owners – the Anglo Irish Bank of Dublin – and potential buyers – a group including Tampa Bay Lightning owner Jeff Vinik – are taking way too long for the Port’s liking.
So, they’re taking the issue to court. But, how can a third party not involved in the sale take an issue like this to court?
Well, the Port Authority owns the actual land the Channelside complex sits on. This means they have the power to revive a dormant lawsuit that kicked Channelside’s previous owner out for defaulting on a $27 million loan and gave ownership rights to the Anglo Irish Bank of Dublin.
This also means that if the court decides in their favor, the Tampa Port Authority could take over the 234,520 square foot complex to sell to whomever they chose. If this happens, the Anglo Irish Bank of Dublin wouldn’t see a cent of the potential sale, so it’s probably safe to say they have some interest in selling the property before this could happen.
The earliest date for a trial wouldn’t be until next year, so both parties have some time to hammer down an agreement.
The group Lightning owner Jeff Vinik is a member of also includes Andrew Wright of the real estate firm Franklin Street and Anthony Everett, the founder and president of Everett Realty Services.
We’ll keep you posted as more news arises regarding the sale of the Channelside Bay Plaza.