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Temple Terrace Council OKs Extension On Redevelopment Land Deal

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JOYCE McKENZIE

The Tampa Tribune

Published: September 4, 2008

TEMPLE TERRACE - The developer's failure to sign up a second anchor tenant for Temple Terrace's downtown revitalization effort is among the issues that continue to hold up the project.

The city council Sept. 3 approved a nine-month extension of the closing date for the sale of the 20.36-acre site to the master developer, a partnership of Ram Development Co. and Pinnacle Realty Advisors.

Ram/Pinnacle requested the extension in anticipation of not meeting the conditions necessary to close on the $14.9 million sale of land southeast of Bullard Parkway and 56th Street.

The developer plans to revitalize two blighted shopping centers into a combination of retail, residential, office, restaurant and cultural components.

The property closing, which had been scheduled for Sept. 15, is predicated, among other conditions, on Ram/Pinnacle signing up two anchor tenants and receiving approval from the Florida Department of Transportation's to reconfigure access points from 56th Street. It is also contingent on findings from the Florida Department of Environmental Protection showing that no harmful contaminants from a former dry cleaning operation were found on the property.

None of those stipulations have been met.

Marshalls, the sole anchor onboard, has committed to opening a department store on the property, said Ram spokesman Bob Skinner.

"We're hoping within that nine months we can wrap up the retail deals needed to make this work, as well as receive the Transportation Department's endorsement," Skinner said.

In the meantime, the developer has agreed to pay the city $25,000 monthly to cover the estimated interest fees on loans the municipality owes on its purchase of the land several years ago. The total amount of $225,000 would be in addition to the required $400,000 deposit at the time of the sale.

The extension approval also contains a clause that gives the city the option to scrap the deal with the developer within a 90-day period.

Councilman Ron Govin, who serves as the council's liaison in negotiation meetings between the staff and developer, favors moving forward.

"I'm trying to look after the best interests of the city and dropping out, in my mind, isn't the best choice," he said. "It took two years to get us where we are today and today we are in a declining market. I think the developer is trying to reach out to us in hopes the market will flinch."

Councilman Ken Halloway, who voted against the extension, disagreed.

"It's foolhardy thinking," he said. "I'm not in favor of allowing the developer to move the project out nine months with the risk of his dropping it in our lap."

Council members Govin, Mark Knapp, Frank Chillura and Alison Fernandez voted in favor of the extension.

Reporter Joyce McKenzie can be reached at (813) 865-4849 or jmckenize@tampatrib.com.

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