QuoteMajor Beaches landowner reorganizes finances, property under Chapter 11
Chris Hionides faces bankruptcies and foreclosures on several properties, blames real estate market collapse.
By Caren Burmeister
Story updated at 10:59 PM on Thursday, Aug. 6, 2009
CAREN BURMEISTER/Staff
Chris Hionides avoided foreclosure at his property, the former Dophin Depot in Jacksonville Beach, when a bankruptcy judge recently approved his Chapter 11 reorganization plan.JACKSONVILLE BEACH - One of the Beaches' major landowners has won one battle and lost another in his bankruptcies and foreclosures set off by the recession and collapse of the real estate market.
A bankruptcy judge recently approved Chris Hionides' Chapter 11 reorganization plan, staving off foreclosure at the former Dolphin Depot at 704 First St. N.
That approval is significant because the land is "vested." Two years ago, a judge approved Hionides' plans for a condo that doubled the city's 35-foot building height limit, making the land much more valuable than it would have been otherwise.
But Hionides wasn't as successful in other dealings this year. In April, a bank foreclosed on his parcels in the 700 block of Second Street North after the judge dismissed his bankruptcy filing on that land.
Hionides' situation is evidence of how the recession can affect land-rich citizens. Some of his holdings, particularly property he bought as prices were escalating between 2002 and 2006, are now worth roughly half what he owes on them, his attorney Bryan Mickler, has said.
http://www.jacksonville.com/business/2009-08-08/story/major_beaches_landowner_reorganizes_finances_property_under_chapter_11 (http://www.jacksonville.com/business/2009-08-08/story/major_beaches_landowner_reorganizes_finances_property_under_chapter_11)
finally springfield could be released of his grip
Just remember that the commercial realestate issues are just beginning to rear their ugly heads and who and what comes next could be worse.