Second Tampa Channelside condo developer declares bankruptcy
Last summer, dozens of people sued The Place at Channelside to get their money back on condos they felt they overpaid for in 2005.
On Wednesday the developer had had enough. Key Developers Group and its owner Fida Sirdar asked for Chapter 11 protection.
His is the second bankruptcy filing this year among Channelside condo developers. Towers at Channelside LLC declared insolvency in January.
Sirdar completed two eight-story towers last year but many investors who paid top dollar during the housing boom wanted out of the 245-unit complex at Channelside Drive and Washington St.
You've got to sympathize with both parties: The developer who built with confidence knowing he had bona fide buyers and the buyers who realized too late that imploding home values would skin them alive.
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