A deal to develop the Truitt Brothers cannery into apartments, restaurant and retail space has stalled again after the two parties failed to negotiate a contract extension for a sale agreement.   Earlier this year, SilverSphere Capital, a New Jersey-based development firm, announced it was unde r contract with the Truitt Brothers to purchase the property at Northeast Front Street and to move forward with a $150 million transformation that would include 383 apartments, walking paths and Michelin star restaurants.  Months later, the project stalled after the two parties were unable to come to an agreement to extend the contract for the sale of the property, according to Jordan Truitt, one of the brokers with First Commercial Real Estate Services representing the Truitt Brothers. “The current purchase and sale agreement has expired. Buyer and seller have been unable to reach reasonable terms for any further extension of the agreement,” Truitt said in a text to Salem Reporter. “The Truitt family has been a thoughtful and patient steward of this property for generations and remains fully committed to the redevelopment of the cannery site. The site carries approved land use entitlements, strong interest from the development community, and the continued support of city leadership and the community at large.” Truitt told Salem Reporter in an interview that while the deal is off, there is still potential to get things back on course and to continue negotiating.  “An abundance of efforts have been made to keep this deal alive; patience, time and energy with this current process have run out. The seller has upheld their end of the bargain,” Truitt said. “The path to reengage requires the buyer to comply with the fundamental terms of the agreement. The seller remains open to a buyer who can perform.”  Aaron Stickney, co-founder of SilverSphere Capital, told Salem Reporter in an interview that while his firm’s contract with the Truitts is terminated, SilverSphere has 45 days to work on getting the project funding released by the firm’s capital partners.  He said the holdup is because SilverSphere’s capital partners, which have dedicated funds to a number of SilverSphere projects in Oregon, are having reservations about wiring the funds for the Cannery project in particular.  Stickney said those reservations stem from homelessness and city politics in Salem.  “The homeless situation in Salem far exceeds the homeless situation in Portland currently,” Stickney said, “I brought all of this to the current mayor’s attention (Julie Hoy) and to Vanessa (Nordyke), the mayor elect’s attention, and unfortunately it’s status quo … that there’s a bunch of infighting and nothing ever gets done.” Stickney said that he hopes to work over the next 45 days to assure his firm’s capital partners that Salem is a viable investment.  He’ll need the city’s help to do that, he said, but hasn’t gotten much engagement.  “We want to close it, they want to close it (Truitt Brothers). It’s in the best interest in Salem to close it,” Stickney said. “Now what we need is Salem, from the city level, to step up and say that they are going to address the issues that are prevalent in the city.” Contact reporter Joe Siess: [email protected].  “My go-to source every morning for accurate, local news.” Make Salem Reporter your trusted source for independent local reporting – every day. Stay informed and connected. Subscribe today. The post Salem’s cannery project stalls again after SilverSphere and Truitt Bros. fail to make a deal   appeared first on Salem Reporter. ...read more read less