Sanborn Studios has terminated its agreement with Schroeder-Manatee Ranch to buy land in Lakewood Ranch.

Last September, Sanborn Studios promised an economic boon of $164.2 million when fully functional in about five years and 117 new jobs over the next three years, with about 60 employees hired in the first year. The company also said it could eventually occupy 22 acres in the Lakewood Ranch area.

Part of that plan now appears to be on hold.

“On Feb. 17 we received a fax from their attorney terminating the purchase agreement on the property,” said Rex Jensen, president and chief executive officer of Schroeder-Manatee Ranch. “Therefore, we really have no further relationship with Sanborn Studios.”

On Nov. 15, 2010, Brad Lindberg, a broker/associate with Hembree & Associates, announced a lease/purchase agreement between Sanborn Studios and J.O. William Lindberg to occupy the property located at 7321 Trade Court in the Lakewood Ranch Corporate Park. The film company entered a two-year lease with an option to buy the building it’s currently using.

“Nothing has changed and everything is wonderful,” Brad Lindberg said. “We’re very pleased with our relationship with Sanborn.”