Bankrupt Tampa condo tower collects $21.9-million
The Place at Channelside, 240 condos housed in two towers in Tampa's Channelside District, sold at auction Wednesday for $21.9 million.
Key Developers Group LLC was order by a bankruptcy judge to sell off its property to satisfy creditors. Like many condo projects in the Tampa Bay area, The Place attracted reams of investors during the housing boom. Many grew skittish when the housing market collapsed and refused to close on the units.
The purchaser, who remains anonymous pending approval of the sale by the bankruptcy court, will pay about $128,000 for each of the 171 units still unsold. The bidding started at about $17,.2 million, or about $100,000 per unit.
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