Sale of theater property falls through
SARASOTA — The sale of The Players Centre theater property in Sarasota fell through July 10.
According to an article in the East County Observer, a sister publication of the Business Observer, the deal was supposed to close July 9, but the potential buyer asked for another 24 hours, a request that was granted.
DeFant didn't disclose the price of the theater, but says previous reports of it being more than the $9.5 million listing price were accurate.
She says The Players had a second buyer in place in case the first deal collapsed. The new buyer doesn't want to be identified until the sale closes, but DeFant says it's a local businessman.
"We are getting the exact same price," she says. "It really is a better deal. The new buyer has agreed to let us stay in the building for two years, although I don't know if we need to do that. All this means is just a little delay."
DeFant says the new buyer wants to proceed quickly and asked for a 30-day due diligence period or less.
The Players Centre is planning a $30 million complex in Lakewood Ranch’s Waterside Place. The sale of its current theater at 838 N. Tamiami Trail will fund, in part, the new theater.