A real estate dispute became heated over the sale of Channelside Bay Plaza. The Tampa Port Authority must give approval on real estate transactions for this property because the port owns the land on which Channelside Bay Plaza sits. Without such approval, progress is stalled.
The Liberty Channelside partnership of two entrepreneurs is looking to gain ownership of the property, which would mean that the port would no longer have say in lease penalties. The duo offered $2 million upfront to the port, but the port demanded $8 million in escrow. This is a high amount that a friend and attorney of the entrepreneurs says is akin to punishment for the mistakes of previous owners.