The Real Deal Miami

Herald land deal delayed

January 05, 2010 03:27PM

McClatchy, the parent company of Miami Herald Media, has pushed back the sales deadline for a 10-acre parcel of land surrounding the paper’s waterfront headquarters. McClatchy had a contract to sell the land to developer Mark Siffin, in which the company would receive $190 million for the surface parking lots and the Boulevard Shops on Biscayne Boulevard. McClatchy has been hit hard by declining advertising revenues, and is hoping to reduce its debt through the deal. The sale was supposed to close Dec. 31 but the company has decided to extend the deadline until Jan. 19 and ramp up the breakup fee to $7 million from $6 million rather than scramble for another buyer in today’s market. [Miami Herald]