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THE SUNCOAST NEWS

Published: June 25, 2008

As New Port Richey Mayor Scott McPherson noted, last week's decision by St. Petersburg-based commercial developer Grady Pridgen to sell the downtown land on the Pithlachascotee River he owns wasn't a surprise. Pridgen bought the land in 2004 and announced plans to build a $50 million mixed use project on the river's east bank. Pridgen's land is across the river from Main Street Landing, a $14 million condo-retail complex former Mayor Peter Altman was developing in conjunction with Ken and Linda McGurn, the Gainesville-based developers. It looked as if the city's long-struggling downtown redevelopment effort was finally gaining traction. The city itself pitched in, buying the historic Hacienda property and other downtown parcels.

Work on Main Street Landing got under way in 2005. Soon, however, the McGurns and Altman were saying construction and insurance costs were soaring. They asked the city to create a development district to provide additional financing. In June 2006 the City Council, on a 3-2 vote, said no. Main Street Landing construction ground to a halt. Then the Florida commercial building boom went bust.

Earlier this month, the city broke ground on its Railroad Square streetscaping project. Given the current economic situation, Pridgen's decision to sell suggests not much else will happen downtown for a while.

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