Thursday, December 11, 2008

Miami Herald land deal about to close escrow?

This tidbit appeared in the Miami Herald Tuesday:

By Dec. 31, the company expects to close on a sale of 10-acres surrounding The Miami Herald's bayfront offices for $190 million. It plans to pay down debt with proceeds from that deal.

McClatchy has said in public filings that the credit crunch could affect the buyers' ability to get financing. ''If the deal doesn't go through, we will have a valuable piece of land we can sell to someone else,'' Lintecum said.

But the prime real estate owned by McClatchy is the waterfront site of the Herald building. It was not part of the parking lot deal.

So is the deal still on? Sounds like it, the way this article is written. I've previously noted Gary Pruitt's comments about the status of the deal made it sound like something was wrong. Maybe I had it all wrong.

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