The Tampa Port Authority needs to resolve the future of the Channelside Bay Plaza retail and entertainment complex. Waiting for the Irish Bank Resolution Corp. to take the lead in finding a credible new operator for the outside mall is not a winning strategy. The port authority should negotiate to buy the Channelside buildings from the bank so it can take direct control over a valuable asset that is deteriorating and find a permanent owner itself.
The Tampa Bay Times’ Jamal Thalji explained the port’s dilemma in a story published Sunday. The crux is that while the port owns the land under Channelside, the bank owns the buildings. And while the bank has the authority to sell the lease, the port has veto power over any successor. The arrangement creates two layers of oversight and built-in conflicts between the bank and the port. The bank wants to recapture as much of the $27 million loan on the property as it can, while the port is looking for a qualified and deep-pocketed operator who can keep the complex maintained and thriving for the long haul. The port nixed a deal in May over concerns that a potential owner chosen by the bank would not make the necessary upgrades. The two sides have been at odds ever since.