The principals of CBP Development, LLC (CBP) and Liberty Channelside, LLC announced today that they have reached an agreement with Port Tampa Bay and the Irish Bank Resolution Corporation (IBRC) facilitating the approval of CBP’s bid to acquire Channelside Bay Plaza.

Statement from CBP Development LLC

“We are happy with this agreement as it now creates a path for the turnaround of a very important community asset” said Jim Shimberg, an executive of CBP Development.  “We appreciate the efforts of Liberty Channelside, Port Tampa Bay and IBRC in helping resolve this matter.”  

Statement from Port Tampa Bay

“Port Tampa Bay worked hard in the best interest of the tenants and the entire community, and was able to reach the best solution to a very complex problem,” said Paul Anderson, Port Tampa Bay President and Chief Operating Officer. “This is the first step in a process and we look forward to a new beginning with CBP Development at Channelside Bay Plaza.”

Statement from Liberty Channelside LLC

“We are pleased this issue is resolved and are confident in Mr. Vinik’s plans to redevelop the Channelside retail center,” said Santosh Govindaraju, a principal of Liberty Channelside, LLC.  

Background on the companies:

CBP  Development LLC is wholly owned by Jeff Vinik, owner of the National Hockey League’s Tampa Bay Lightning, the Arena Football League’s Tampa Bay Storm and the leasehold rights of the Tampa Bay Times Forum.

In addition to being a top ten cruise homeport, Port Tampa Bay is one of the nation’s largest and more cargo-diverse seaports. The port handles a full array of cargoes, from building material and petroleum products, for the entire west/central Florida region. The port is the largest economic engine in the region, supporting about 80,000 jobs and generating $15.1 billion in annual economic impact. For more information about the Port of Tampa, visit www.tampaport.com.

Liberty Channelside LLC is a joint venture of Convergent Capital and the Liberty Group, separate Tampa-based real estate investment firms with multiple holdings including the newly opened Aloft Hotel in downtown Tampa and another soon to be announced downtown Tampa waterfront project.