A settlement was reached in the lawsuit by the Tampa Port Authority over the Channelside complex in Tampa.
TAMPA - The Tampa Port Authority has reached a deal to buy the retail center for $5.75 million.
Channelside has lost its share of customers in recent years, with restaurants going under and nasty business deals behind the scenes.
The irish bank resolution corporation foreclosed on the property in 2010, after the previous owner defaulted on a $27 million loan.
But after today's meeting and resolution, the board is very excited about Channelside's future.
"We've known all along that doing nothing is not good option for this community. we wanna do what's right for the community," Port Authority Board Chairman Paul Anderson said.
Mayor Bob Buckhorn wholeheartedly agrees.
"The port will control its own future, control this piece of property, own this asset in its entirety. We can move forward accordingly," he said.