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Proscenium Developer Wants to Move

SARASOTA, FL-A deal is reportedly under way to put the mixed-use project closer to water.

By Carl Cronan | Updated on May 08, 2009

SARASOTA, FL-The developer behind the $1-billion Proscenium mixed-use project is in talks to relocate it across US 41 to vacant land at the former Sarasota Quay property, sources familiar with the discussions have told the Sarasota Herald-Tribune . If the negotiations with lender Anglo Irish Bank reach fruition on the property, Proscenium developer Zeb Portanova would abandon plans to build the 18-story, Waldorf-Astoria-anchored project on seven acres at 400 N. Tamiami Trail.

In an interview earlier this week, Portanova said he and his Atlanta-based financier, Greencastle Asset Management, would soon complete a transaction that would explain delays in acquiring the original property but declined to elaborate. Portanova has failed in seven attempts over the past year to buy the property for $70 million and does not now have the land under contract.

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