Owner of riverfront land surrounding Downtown Wyndham files for bankruptcy

[thelakelander]

The South Florida attorney who owns the Southbank land surrounding the Wyndham RiverWalk Jacksonville Hotel has filed for Chapter 11 bankruptcy — a move that may have been done to buy more time to sell the property or restructure its debt.

Stevan Pardo, managing partner of Riverwalk Jacksonville Development LLC, filed for bankruptcy Monday in South Florida. Pardo did not return a request for comment Wednesday afternoon. His attorney, Geoffrey Aaronson, was not available for comment Thursday morning.

In 2007, Pardo had planned a high-end condominium and retail development on the Wyndham site. Those plans crashed along with the real estate market.

http://www.bizjournals.com/jacksonville/news/2014/05/01/owner-of-riverfront-land-surrounding-downtown.html

[AuditoreEnterprise]

The South Florida attorney who owns the Southbank land surrounding the Wyndham RiverWalk Jacksonville Hotel has filed for Chapter 11 bankruptcy — a move that may have been done to buy more time to sell the property or restructure its debt.

Stevan Pardo, managing partner of Riverwalk Jacksonville Development LLC, filed for bankruptcy Monday in South Florida. Pardo did not return a request for comment Wednesday afternoon. His attorney, Geoffrey Aaronson, was not available for comment Thursday morning.

In 2007, Pardo had planned a high-end condominium and retail development on the Wyndham site. Those plans crashed along with the real estate market.

http://www.bizjournals.com/jacksonville/news/2014/05/01/owner-of-riverfront-land-surrounding-downtown.html

Is this the lot over by the strand and peninsula?? the one for sale for 14 million? i believe the property is very oddly surveyed. I thought the aquarium was allegedly interested in it.

This one?


I was under the assumption you had to surrender assets in a chap. 11....

[thelakelander]

Yes, that's the property.

[AuditoreEnterprise]

Yes, that's the property.

It's just way overpriced for undeveloped real estate in my opinion... Maybe if that hotel wasn't in the middle of it with a piece of the property pizza not even in the box...

[simms3]

Such an odd deal.  Jax is not a market where people want to make really odd deals like that work...

[fieldafm]

i believe the property is very oddly surveyed.

It was a strategic plan on the owner's part. He split up the land (seperately from the hotel) just before declaring bankruptcy on the buildings.

[Noone]

^Sounds like a PS4 play

[simms3]

I doubt "hotel", especially what's there now, is the highest and best use of that site.  Not sure what zoning is, but if I were really long on DT Jax, or Jax in general, I'd want the hotel and surrounding land to put something larger up.  Likely, multifamily (only).

[Non-RedNeck Westsider]

Pretty sure he was partnered with American Land Ventures and their 3rd muli-family highrise on the southbank - "Vu"

Those plans pretty much tanked after Auchter went belly up, along with the housing market in general, and Skanska's complete inability to acknowledge either a schedule or a budget pretty much killed any hopes of completing the 'Trilogy", lol.