1616-26 Real Estate Bentley Bay "bankruptcy" REAL ESTATE 047
Unfinished
but
ready
to
enter
Chapter
The long-delayed Bentley Bay
condo-tower project in South Beach
declares bankruptcy but pledges to
finish construction,sell its units and pay
off all its debts.
BY DOUGLAS HANKS 111
dhanks@herald.com
South Beach's Bentley Bay condominium
project has filed for bankruptcy protection,
saying that construction delays at the water-
front complex have left it unable to pay its
bills.
Two years behind schedule and saddled
with an idle construction site,the project at
the foot of the MacArthur Causeway ran out
of money in recent weeks.
New dollars made available Monday let
the developer,Florida Development Associ-
ates,resume construction on the nearly com-
pleted twin towers this week,said Peter Rus-
sin, bankruptcy lawyer for Florida
Development.
And while the developer could resell the
70 percent of the units already under con-
tract and try to get better prices,Russin said
the earlier sales agreements likely would be
honored.
The troubles at the project stemmed from
a long-running dispute between Florida
Development and its one-time contractor,
Keystone Construction.Keystone left the job
'TURN TO BENTLEY BAY,4C
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