If developer Mark Siffin doesn’t move ahead with his plan to take possession of 10 acres of parking lots around the headquarters of the Miami Herald, the paper’s corporate parent will have some serious work to do. McClatchy, which acquired former Herald parent Knight Ridder in 2006, faces a $125 million cut in its credit line if Citisquare, which agreed to buy the lots from Siffin, balks at its development plans. Should the deal collapse, McClatchy would receive a $7 million termination fee. Citisquare Group’s could also extend the agreement for a year, but would be obliged to pay McClatchy another $6 million.
[Miami Today News]