Tampa Channelside Condos File Chapter 11
Posted Feb 1, 2008 @ 11:20 am, Viewed by 771 Visitors, Read 793 Times.As you may have noticed, over the past few years there have been massive high-rise condo developments underway in the Channelside District of downtown Tampa Bay. Unfortunately for many of the investors, the sales of the multiple units have not exceeded expectations- by a long shot.
Even more regrettable is Towers of Channelside LLC, a developer who built a pair of 29-story luxury condos, has recently filed for Chapter 11 bankruptcy due to slow sales, only 89 of the 257 available units have been sold, combined with the fact their lender, Wachovia, won't release anymore money.
According to U.S. Bankruptcy Court documents, the company’s debt is between $50 million and $100 million, with assets between $100 million and $500 million; they currently owe Wachovia about $58 million. Towers of Channelside LLC also owes over $11 million to other unsecured creditors such as CT Towers LLC, Batson-Cook Co., and Kevin Brodsky.
The developer claimed that if all contracts had closed with potential buyers, the debt would have been paid. Fact is, many of the contracts fell through as buyers backed out, leaving the Towers of Channelside in quite a predicament.
While the development partners are remaining silent about the current status of their project, The Towers of Channelside will remain on hold until the bankruptcy case is settled.
For more information on this story, visit The Tampa Tribune online at www.tbo.com.
To check out other condo properties in Downtown Tampa, click South Tampa Condos.
Relocating to Tampa Florida? TampaHomes24-7.com is a one-stop source for all kinds of information related to the Tampa real estate market, including Wesley Chapel real estate.
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Hi, let me introduce myself, I’m Calum MacKenzie. My wife Kathy and I are Tampa real estate professionals who take our business seriously… okay, so sometimes I’m not so serious, but definitely personally. Read More
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