Saturday, January 26, 2008

Skypoint finally getting a restaurant ?

Been meaning to post this for a while but just don't have complete faith Novare will deliver....Have heard in more than one occasion they had retail/restaurants lined up.
Also, how in the world does ToC(in Ch11) get a pizza place and One Bayshore(barely 75 residents) get Starbucks, while Skypoint sits here with a bunch of hungry people- my guess is we have over 250 residents. We already know people are looking for a Hyde Park Fly bar. They will come, just bring the Tap.

Word has been out for a while that Skypoint will be getting a restaurant/bar named "Taps" - will be on the Polk/Ashley corner. I haven't seen/heard any activity....besides the TMA demo. I'm hoping this will open, 'cause I'm getting tired of pizza and Thai every night!

Channelside Condos In Chapter 11

TAMPA - The developers of the Towers of Channelside, a pair of 29-story luxury condominiums, filed for bankruptcy court protection Friday, stating that Wachovia Corp. cut off its credit.

The developer has sold just 89 of the 257 units, according to documents filed in U.S. Bankruptcy Court in Tampa on Friday. Many of the contracts on units that have not closed fell through because buyers backed out, documents said.

Two partners in the development did not return calls seeking comment.

The company, Towers of Channelside LLC, based in Plant City, listed debt between $50 million and $100 million and assets of between $100 million and $500 million, in Chapter 11 documents.

"Wachovia has refused to allow the debtor to draw the remaining amounts available under the Wachovia loan," the company said in court papers. Wachovia is owed about $58 million, according to court documents.

The 20 largest unsecured creditors are owed $11.6 million. Of those, the three biggest are CT Towers LLC, owed $6.2 million; Batson-Cook Co., owed $3 million; and Kevin Brodsky, owed $1.2 million.

If all buyers with contracts had closed, all creditors would have been paid, the developer said in its filing.

Tampa Realtor Toni Everett said she wasn't surprised by the news and had heard that some buyers weren't able to close.

Everett said she is representing some clients who bought units and are now trying to sell. She said she had been inside of one of the towers Friday morning and that most of the units seemed complete. She said she thought the developers were just putting finishing touches on some units, such as paint.

At the peak of the housing boom, more than two dozen condominiums were planned for in and around downtown Tampa. A handful of the condos have opened and some other developers have either stalled or canceled projects.

Everett said she had been concerned about the flood of condo developments in the Channel District and wondered whether there would be enough buyers to fill the units. Condos that she's selling in other areas of downtown are doing better, she said.

"I've been through other downturns," she said. "This is my fourth downturn. I saw what was going to happen down there."