WPTV Video: Textor’s abandoned Digital Domain offices for sale – $39.9 million

City reserves are in danger of shrinking as the clock ticks for the city to hand off Tradition Studios to a new buyer by Oct. 1, said Port St. Lucie’s Interim City Manager Jeff Bremer. (Source: WPTV)

John Textor’s now-defunct Digital Domain Media Group’s Tradition Studios is costing the  city of Port St. Lucie about $3.5 million annually.

Unloading some of the studio’s major debt is necessary because even if the city finds a buyer for the $39.9 million vacant facility, the city will still be  on the hook for about $1.7 million in annual “legacy costs” or non-construction design fees associated with the studio, Interim City Manager Jeff Bremer said.

See video below, and read more at: http://www.wptv.com/dpp/news/region_st_lucie_county/port_st_lucie/digital-domain-offices-for-sale-port-st-lucie-amps-up-effort-to-find-buyer-for-abandoned-studio

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