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Channelside Condos, Retail Space Sold For $21.9 Million

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By SHANNON BEHNKEN | The Tampa Tribune

Published: October 15, 2008

TAMPA - Luxury condos for about $128,000? Believe it.

An unidentified company paid $21.9 million for 171 condos and 12,900 square feet of retail space at The Place at Channelside, said Lamar Fisher of Fisher Auction Co., which along with commercial Realtor Cushman & Wakefield, auctioned the building today.

The units were originally marketed for about $200,000 to $1 million. The developer of the project, which filed for bankruptcy protection, owes the bank more than $47 million.

"I think everyone involved is really happy with the result," Fisher said.

The Tampa developer, Key Developers Group LLC, filed for Chapter 11 bankruptcy reorganization in March after some buyers backed out of contracts and others sued to get their deposits back.

The auction was ordered by a U.S. bankruptcy judge in Tampa and won't be official until approved by a federal judge Thursday morning, Fisher said.

The Place, which has 245 units, is the first downtown condominium to sell condos at auction.

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