(This story, in slightly different form, originally appeared in Incisive Media's Daily Business Review.)

MIAMI-McClatchy Co., owner of the Miami Herald, has agreed to extend the deadline on a proposed deal to sell 10 acres next to the newspaper's bayfront building. Locally based Citisquare Group exercised an option to move the deal's closing date from June 30 to Dec. 31.

Citisquare contracted to buy the site for $190 million in March 2005. Since then, the closing date has been pushed back several times. After Citisquare's last request for an extension in December, Sacramento, CA-based McClatchy ended Citisquare's right of first refusal to purchase the Miami Herald building and the underlying land, which was part of the original deal.

The property is now used for parking. Citisquare, led by Miami attorney and developer Pedro Martin, plans to flip the site to developer Mark Siffin, who wants to build a five-story retail center known as City Square. Citisquare gave McClatchy a $10-million nonrefundable deposit.