Make us your home page
Instagram

Cypress Walk developer files for bankruptcy

The company that developed Trinity's Townhomes at Cypress Walk filed for Chapter 11 bankruptcy Monday.

Steven Ross Gordon, president of Cypress Walk Developers, said the move was prompted by the economic downturn, which has debilitated the housing market.

"In this current market, we are unable to sell houses," he said. "We are just taking the time out to file Chapter 11 to reorganize and see what's going to happen after the recession is over."

Gordon said the bankruptcy only affects the 112 vacant lots in "phase two" of the townhome project, built along preserved woodlands in southwest Pasco. Gordon's company accepted deposits on phase two properties, but he said Tuesday that all of those funds had been returned.

Of the 26 lots in the first phase of the project, 21 are occupied. Gordon said residents in the occupied townhomes are not affected by the bankruptcy.

"This has no bearing on people who live there because that's run by the condo association," he said.

During Chapter 11 proceedings, Gordon will be able to hold onto all 27 acres in both phases of the townhome project while he works out a plan to repay his creditors. According to the bankruptcy filing, Cypress Walk Developers has $10.1-million in liabilities and $8.3-million in assets.

"We have a very valuable piece of land," he said. "We have to make sure we don't lose valuable assets because of our inability to pay interest."

Gordon has faced financial trouble before. In Pinellas County during the 1980s, his businesses faced multiple foreclosures and lost at least two dozen breach-of-contract lawsuits.

Two years ago, a Palm Harbor couple accused him of duping them in a contract for a townhome at Cypress Walk.

Seventeen months after the couple signed a contract for the townhome, Gordon raised the price by $35,000, saying a builder had the right to "improve his product."

The couple eventually moved to another condominium.

Camille C. Spencer can be reached at cspencer@sptimes.com or (727) 869-6229.

Cypress Walk developer files for bankruptcy 03/25/08 [Last modified: Tuesday, March 25, 2008 9:15pm]
Photo reprints | Article reprints

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Pinellas licensing board asks Sen. Jack Latvala for $500,000 loan

    Local Government

    The troubled Pinellas County agency that regulates contractors wants Sen. Jack Latvala to help it get a $500,000 lifeline from the state to stay afloat.

    State Sen . Jack Latvala, R- Clearwater, is being asked to help the Pinellas County Construction Licensing Board get $500,000 from the state so it can stay open beyond February.  [SCOTT KEELER   |   Times]
  2. In advertising, marketing diversity needs a boost in Tampa Bay, nationally

    Business

    TAMPA — Trimeka Benjamin was focused on a career in broadcast journalism when she entered Bethune-Cookman University.

    From left, Swim Digital marketing owner Trimeka Benjamin discusses the broad lack of diversity in advertising and marketing with 22 Squared copywriter Luke Sokolewicz, University of Tampa advertising/PR professor Jennifer Whelihan, Rumbo creative director George Zwierko and Nancy Vaughn of the White Book Agency. The group recently met at The Bunker in Ybor City.
  3. Tampa Club president seeks assessment fee from members

    News

    TAMPA — The president of the Tampa Club said he asked members last month to pay an additional assessment fee to provide "additional revenue." However, Ron Licata said Friday that the downtown business group is not in a dire financial situation.

    Ron Licata, president of the Tampa Club in downtown Tampa. [Tampa Club]
  4. Under Republican health care bill, Florida must make up $7.5 billion

    Markets

    If a Senate bill called the Better Care Reconciliation Act of 2017 becomes law, Florida's government would need to make up about $7.5 billion to maintain its current health care system. The bill, which is one of the Republican Party's long-promised answers to the Affordable Care Act imposes a cap on funding per enrollee …

    Florida would need to cover $7.5 billion to keep its health care program under the Republican-proposed Better Care Reconciliation Act of 2017.  [Times file photo]
  5. Amid U.S. real estate buying binge by foreign investors, Florida remains first choice

    Real Estate

    Foreign investment in U.S. residential real estate recently skyrocketed to a new high with nearly half of all foreign sales happening in Florida, California and Texas.

    A National Association of Realtors annual survey found record volume and activity by foreign buyers of U.S. real estate. Florida had the highest foreign investment activity, followed by California and Texas. [National Association of Realtors]