Condo Project Beats The Odds, Builds Hope
From a penthouse balcony on the 29th floor of the best building he ever built, Richard Sacchi stared out over downtown Tampa.
He was broken, a developer whose company had just filed for Chapter 11 bankruptcy. It was a last-ditch effort to stop foreclosure on The Towers of Channelside, twin condos that got stuck in the housing downturn.
From that balcony, he had a view of two other new condominium complexes, one that filed for bankruptcy a month earlier and another that handed the keys over to the lender and walked away.
“We fully expect to come out of this on the other side,” Sacchi said at the time.