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Channelside condos get new chance after bankruptcy

By Emily Nipps, Times Staff Writer
Posted: Oct 02, 2008 07:33 PM


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TAMPA — At least one financially distressed Tampa condo project has cleared bankruptcy court with a new lease on life.

The Towers of Channelside, a pair of 29-story towers near the Port of Tampa, got the blessing of bankruptcy court Wednesday to string out its repayments to creditors over five years.

"Hopefully, that gives time for the market to work again," developer Rich Sacchi said. "We’re prepared to give discounts that we’ve never been able to give and get creative with incentive practices."

The Towers filed for Chapter 11 last winter after potential buyers failed to close on units, leaving developers unable to satisfy debts to financier Wachovia Bank.

Other projects in and around downtown Tampa, including The Place at Channelside, haven’t been so lucky. The Place is up for auction this month after a judge ordered a sale of assets.



[Last modified: Oct 03, 2008 11:40 AM]



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