Towers of Channelside emerges from bankruptcy
Tampa Bay Business Journal – by Michael Hinman
It looks like at least one high-profile condominium project in the Channel District will have a fighting chance to weather the housing market bust.
That started a string of bankruptcy and foreclosure problems along Channelside Drive that included Key Developers Group LLC, which will auction off The Place at Channelside Oct. 15; Tampa Condo 2 LLC filing for Chapter 11 protection in March after failing to build its 51-story The Tampa Tower 2; and last May when Ventana Tampa LLC decided to give its 84-unit complex on Kennedy Boulevard and Channelside Drive back to the bank in lieu of $16.8 million still owed to Mercantile Bank.
“It hasn’t been an issue to the people who have come in to buy units, but maybe being in Chapter 11 and the threat of foreclosure didn’t bring buyers to the property,” Sacchi said. “Now that they know we won’t be going to foreclosure, maybe some of those who shied away will come back.”
Feel free to email or call us 813-784-7744 with any questions regarding The Towers of Channelside or any other condo developments.
Rae Catanese, PA and Michelle Jordan, PA