The status of a long-delayed sale of parking lots around The Miami Herald remains unclear as a contract deadline looms.
A contract to sell 10 acres of parking lots surrounding The Miami Herald's bayfront headquarters is set to expire Dec. 31, but it remained uncertain whether developer Mark Siffin would complete the long-delayed purchase.
McClatchy Co., the parent of The Miami Herald Media Co., said Wednesday that it had ``no news to report'' on the status of the contract to sell the property.
The deal was first reached in March 2005 at the peak of South Florida's real estate boom. At the time, Knight Ridder, the Herald's previous owner, agreed to sell the surface parking lots and the Boulevard Shops on Biscayne Boulevard to a group led by Miami developer Pedro Martin for $190 million.
Martin's group later agreed to flip most of the 10 acres to Siffin for at least $230 million, though the price to McClatchy would remain at $190 million. McClatchy acquired Knight Ridder in June 2006.
Siffin, who heads Maefield Development in Indianapolis, didn't return phone calls seeking comment. He has approval from Miami officials to build a big-box shopping center called City Square on the parkinglot site and also plannedto build a parking garagefor the nearby performing arts center.
On Dec. 8, McClatchy management told a UBS investors conference the land sale remained uncertain. Gary Pruitt, McClatchy's chairman and chief executive officer, told investors at that time ``We hope the buyer will be able to close this deal, but if that doesn't happen we are entitled to a $6 million termination fee on top of the nonrefundable deposit of $10 million we have already collected. We are in discussions with the buyer now and will let our investors know when this matter is resolved.''
On Wednesday, Elaine Lintecum, McClatchy's treasurer, said the company has no additional news to report.
McClatchy, which has been hit hard by the bleak advertising environment, planned to use the proceeds of the sale to reduce debt.
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