Bankrupt condo – hotel reflects downturn Aug Funding lent the owners of the St. Augustine condo-hotel $5 million in late 2005 and hoped to be paid off with interest by now. But its attempt to auction off the 24-room South Beach hotel failed, despite more than 100 inquiries. ”Nobody showed up,” said Phillip Hudson III, …
Category Archives: Commercial Properties
As Condos Rise in Florida, Investors Try to Flee
As Condos Rise in Florida, Investors Try to Flee As dozens of condominium towers conceived during Florida’s real estate boom near completion, investors who snatched up units in the preconstruction phase in hopes of turning a quick profit are increasingly trying to break contracts, even walking away from fat deposits. “Motivated” sellers are flooding online …
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Facing new fields of fraud
Facing new fields of fraud In the 1990s, Peter J. Porcelli made millions with laser printing and junk mail and poured part of his fortune into the Tampa Bay Smokers, a fast-pitch softball team that featured a cigar-chomping mascot and the best players money could buy. Porcelli became the king of the sport as his …
Citizens steels for flood of business [Central Florida]
Citizens steels for flood of business [Central Florida] Florida’s small-time commercial landlords and many of the small-business owners who rent space from them have been hit with the same fast-rising insurance premiums that have been shocking homeowners since a series of hurricanes raked the state in 2004-05. Earlier this year, lawmakers handed the problem to …
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Peebles sues for control of Royal Palm [South Florida]
Peebles sues for control of Royal Palm [South Florida] Don Peebles sold off most of the Royal Palm three years ago. But now he’s suing to take over the South Beach resort, saying management is ruining the hotel. Three years after giving up control of the Royal Palm Hotel in a sale, R. Donahue Peebles …
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Foreclosure may sock Hollywood in its wallet
Foreclosure may sock Hollywood in its wallet [South Florida] Project’s collapse could cost public $1.6 million Two cornerstone buildings in a project aimed at turning Young Circle into a center of art and culture have gone into foreclosure, leaving taxpayers on the hook for at least $1.6 million in mortgages. The Young Circle Garage, bought …
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