Interesting article listing many of Florida’s once powerful developers…
From Tampa Bay Online (FL)
Economic hammer pounds real estate developers
Long vilified as greedy power brokers, many of the people in the business of turning open spaces into malls and subdivisions are reeling from liens, foreclosure lawsuits and bankruptcies….
…Prominent names with troubles:
Grady Pridgen. Known for his interstate billboard touting “Not Just Another Pretty Place,” Pridgen has faced multiple foreclosure lawsuits on office and industrial properties in Pinellas and Pasco counties.
In one case, Capmark Bank foreclosed on $25 million in loans to Pridgen-controlled entities. Pinellas County businessman Hardy Huntley, owner of the Wagon Wheel Flea Market, bought out Capmark’s claim to the loans and took control of 190 acres of undeveloped land in the Gateway Business Centre securing the loans.
Pridgen has also faced a $6.9 million foreclosure suit brought by Mercantile Bank involving the Largo Intercoastal Marina and other properties, according to Pinellas County court records.
Paradise Development Group. A developer of shopping centers, this firm headed by Michael Connor — which touts 47 completed Publix centers — recently handed back seven projects in Florida to creditors.
Kearney Construction Co. This 53-year-old firm filed for Chapter 11 bankruptcy protection in August after it was hit with a trifecta of pain. One lender threatened to seize its work trucks, a bank pulled a line of credit and Kearney’s surety bond provider severed its relationship with the company.
Headed by Bing Kearney, a Republican fundraiser, Kearney Construction did early site work on International Plaza, Westfield Citrus Park and the future Cypress Creek Town Center near Wesley Chapel…..
