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South Tampa News

City will pay $3.75 million to developer, bank

The Tampa Tribune
Published:   |   Updated: March 18, 2013 at 10:40 PM

City council members on Thursday authorized a $3.75 million settlement agreement in a lawsuit against the city stemming from a long-brewing battle about plans to build a condominium tower along Bayshore Boulevard.

Citivest Construction Corp. and City National Bank of Florida had sued the city for denying their 2004 plan to build a 24-story condominium tower at Bayshore and DeSoto Avenue.

The settlement agreement said the $3.75 million is a compromise and "is not to be construed as an admission of liability on the part of the city. Indeed; the city expressly denies and disputes any liability; and the city expressly denies and disputes any allegations of wrongdoing in this litigation."

The condo tower battle dates to 2003.

Had Tampa lost the case, the potential exposure to the city was more than $16 million, city of Tampa spokeswoman Ali Glisson wrote last week in an email to The Tampa Tribune.

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