As Sky Falls, Condos Look For Protection [Tampa Bay Area]
When the foreclosure filing came last month, developer Fida Sirdar determined the only way to save The Place at Channelside condominium was to file for bankruptcy reorganization.
It was either that, he said, or hand the keys over to the bank and walk way.
“Generally, people think bankruptcy means the project is down the tubes,” said Sirdar, of Key Developers Group LLC. “But if we didn’t believe in this project’s future, it would be stupid for us to get into this bankruptcy and waste everyone’s time, including our own.”
About a half-mile away, the developers of The Towers of Channelside are fighting for success, too. They also filed for Chapter 11 bankruptcy protection in January, after Wachovia cut off the company’s credit.