1675-1 Bentley THURSDAY,APRIL 29,2004 I
I REAL ESTATE
-- --_ I PROMOTIONS
i
Chap. places Turnberry Associates,
commercial and residents
' real estate developme:
• firm in
tes a:€pacts indanger
marketing
i'epubli- e x e c u -
rtime reg- ■Early buyers at Bentley issue highlights an overlooked as unsecured creditors, they t i v e s . "*,
siting Bay have waited four years caveat in South Florida's would take a back seat to the N a d e n e
for the South Beach condo booming condominium mar- project's main lender,Colonial W e n -
to finish.The developer ket:Even if a tower gets built, Bank,which is owed about$69 drow has KAPLAN
11 may sell their units again— a bankruptcy can still keep million, according to bank- b e e n
House j reconstruction buyers
� at higher prices. P from ruptcy filings. named
en,a
actually closing on their units. Even then, buyers would director of
<. at the BY DOUGLAS HANKS Ill Businesses that file for have to fight it out among the corporate ;;
dhanks@herald.com Chapter ll bankruptcy protec- other unsecured creditors, marketing sio
ing them The developer of the bank- tion, as Olivieri's Florida which filed $17 million in for the
t were rupt Bentley Bay condomin- Development Associates did claims against the project. company A
vowed an I ium towers and his lawyer March 12, generally have the and Tracy11116
d scale raised the possibility Wednes- option of canceling contracts CANCELLATION THREAT K a p I a n
GOLDFARB
men day of canceling sales con- as part of restructuring their Olivieri said his company has been
tracts at the waterfront South debts.Holders of the contracts would cancel sales contracts named director of marke
Beach complex to seek better become unsecured creditors only if the project ends up ! ing for Aventura Mall.
•I.ut, I offers. and are free to pursue com- unable to pay its debts. Wendrow's responsibil
Repub- Bankruptcy law allows such pensation in bankruptcy court. "If we don't have enough ties include overseeing a
a move,which would give the money to pay the creditors, aspects of advertising,ma
Bentley Bay a chance to undo KEEPING CONTRACTS we'll have to do it,"he said. keting and public relatioi
purchase agreements signed The Blue and Green Dia- He and Russin discussed ` for the retail division I
as long ago as 2000 and resell mond in Miami Beach consid- the contracts issue during Turnberry Associate
those units in today's real ered canceling contracts dur- brief interviews after a hearing which includes Aventui
pS estate market — where the ing its nearly two-year in U.S. Bankruptcy Court in Mall.
median home price has surged bankruptcy reorganization, Miami.In the courtroom,Rus- She was director of ma
TWX), almost 70 percent in four but decided it would create sin said the Bentley Bay is keting for Aventura Mal
media years. too much ill will among the days away from tapping into a Before joining the mall,si
Wednes- I "Some buyers may have early buyers and their real $21 million emergency loan served as director of ma
arter ( contracts that don't make estate agents, said Thomas that will let it return a full con- keting for CocoWalk fc
'ubled sense for the. debtor," said Lehman, that project's bank- struction crew to the project eight years.
xl a year Peter Russin, the bankruptcy ruptcy lawyer. The project is at least two Kaplan has been marke.
i from lawyer representing Bentley "We would have been years behind schedule. ing coordinator for Avei
division Bay developer Riccardo Olivi- pelted by tomatoes,"said Leh- Russin,of Miami's Meland tura Mall since 1997.In hF
in its j eri. "We're analyzing every- man, whose firm, Tew Car- & Russin, said the project's new role, she will overse
ivisions. thing." denas, is representing inves- current cost estimates should the daily marketing,adve
Russin and Olivieri empha- tors in the Bentley Bay project. let Florida Development tising and public relation
sults sized they have not canceled The Bentley Bay could also honor all contracts. But if efforts for the mall,as we
'b- any of the approximately 130 use the cancellation threat to costs increase, he said, the as assist in advertising fc
on, signed sales contracts for the negotiate higher prices from company has an obligation to Turnberry's other reta
long-delayed and unfinished existing buyers. If contracts do whatever it can to pay centers.
rf a I West Avenue project,and they were canceled, the original secured creditors. The firm also has name
have already decided to keep buyers could ask a judge for "It's not a question of fair- Philip S. Goldfarb execs
ng some. any profits the developer ness," he said. "It's a legal five vice president of hosp
But their mulling of the made in reselling the units.But question." talky.
$961 He will be responsible fc
operations oversight of tii
mil- . � S
firm's portfolio of hotel
t' tca. '� ._' -, ' �X and development an
• ' ,, .� "�^«'�"w� f acquisition for the firm.
ant .
■� 11 hospitality division.
rigl."- N I I '1 Before joining Turnberr
xeywisr he was president and chi(
,, >„ operating officer of A
305 400.6446
-•• -- 024. `. ' Florida Hospitality Mar
:Alr- , • agement, a Miami Beack
based company.
r Y Turnberry Associate
was established in 1967 an
specializes in developin