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Condo developer swallows pride on Bayway plan

Last spring, first-time condo developer Frank S. Maggio spent a lot of money on high-tech, computer-generated videos of the condos he hoped to build at a development on the Pinellas Bayway called Laguna at Isla del Sol.

The video "gives the developer a halo effect," he said last May.

"The technology is futuristic, so the developer seems to also be futuristic . . . Since the technique is so expensive, no one thinks the developer is going to drop $50,000 on a video and close shop."

But that was then, and when Maggio couldn't get the financing, JMC Communities stepped in and announced last week that it was buying the Laguna property for a condo community to be called Turtle Bay.

"Pride has to take a back seat," the wannabe condo developer said.

Of J. Michael Cheezem, head of JMC, developer of the successful HarbourSide and Dolphin Cay projects, Maggio remarked, "I think he'll do a good job."

_ JUDY STARK

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