In the News

Bankruptcy Filings Drop 16% in Central Florida

 

It was recently reported in the Tampa Bay Business Journal that bankruptcy filings in Central Florida totaled 47,513 for the fiscal year 2012.  This is a drop of 16.6 percent from the previous year when Central Floridians filed 56,972 bankruptcies.   The filling of business bankruptcies also declined for the fiscal year 2012; dropping by 18.7 percent.

Read more: Bankruptcy Filings Drop 16% in Central Florida

Will Tampa Development Emerge From Bankruptcy?

The Heights of Tampa was intended to be a mixed use residential and commercial real estate development just north of downtown Tampa until it fell victim to the real estate collapse of 2008.  The development contemplated converting a large stretch of riverfront property, including an old trolley barn called the Tampa Armature Works Building, into a vibrant area for new restaurants and shops - and all with an amazing view of downtown Tampa.

The Heights of TampaAs written about in the St. Petersburg Times on August 26, 2011, the project fell into Chapter 7 bankruptcy in mid-summer 2011. The project appeared dead … until now. The entity that owned the development – The Heights of Tampa, LLC—filed for Chapter 7 Bankruptcy protection on July 29, 2011, Case No. 8:11-bk-14608-MGW. The case was assigned to Leavengood, Dauval and Boyle, P.A. partner and Chapter 7 Bankruptcy panel Trustee, Richard M. Dauval.

“You never know where these large bankruptcy cases are going to go … you always hope for the best but you never know.  I’m really excited we found a way to sell the Old Trolley Barn. That building has been around for over 100 years and it’s really falling apart.  It’s great to know that [the Old Trolley Barn] has a chance to last another 100 years.”

From the court record it is noted that the auction of the Tampa Armature Works building took place on September 13, 2012. The record indicates that the property/building sold to Riverside Heights Holdings for $1.61 million. It is noted that Riverside Heights Holdings is one of the creditors of The Heights of Tampa. 

It is unclear whether this signifies a new beginning for The Heights of Tampa or an entirely new project for the area.