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April 25, 2008

Clise puts downtown land sale on hold

Clise Properties has put on hold the sale of its 13-acre Denny Triangle portfolio of land because of continuing turmoil in the global capital markets, the firm said Thursday.

“We received substantial interest from investors and developers from around the world and were in serious negotiations with an astute international developer who shared our vision for a world-class redevelopment project on par with London's Canary Wharf or New York's Rockefeller Center,” Al Clise, the company's chairman and CEO, said in a news release. “However, we were unable to come to terms and collectively decided it would be best for both parties to re-examine the proposal after the credit markets settle.”

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