Investors buy key assets of Corus Bank, including Tampa Bay condo projects

Investors led by Starwood Capital and TPG agreed to buy the key assets of failed Chicago lender Corus Bank for $554.4 million, the Federal Deposit Insurance Corp. said, in a deal that will make the Starwood group a significant owner of condo projects in Tampa Bay and South Florida.

The FDIC will maintain a 60 percent equity interest worth $831.6 million in the deal.

Separately, Minto Communities LLC, a U.S. subsidiary of Canadian-based Minto Group, purchased the 352-acre condo project known as SevenShores on Perico Island just south of Tampa Bay from St. Joe Co. Combined, the deals signal new blood coming into Florida to help kickstart a stalled condo market.