Florida bankruptcy filing benefits condos. Even luxury condos needed the help of a bankruptcy lawyer to survive. The bankruptcy filing has saved the project. It now appears the bankruptcy attorneys have enabled the developers to make money. A lot of money. Fisher Island is one of the wealthiest areas in the world. The people who can afford to live there are very wealthy. The island sits on Biscayne Bay. It has great views of the ocean and downtown Miami. The island is very exclusive. It is so exclusive the island can only be reached by boat. There are no roads connecting the island to the mainland. This keeps the privacy of those who live there intact. No one would ever believe a developer building on this island would need to visit a bankruptcy lawyer. It was indeed needed. The land in question on the island was part of Fisher Island Investments. The investment company was tossed into an involuntary Chapter 11 bankruptcy filing in 2011. That started a long dispute over the company. The company owns 24.5 acres of land that has not been developed. The company was able to fight off a $140 million foreclosure action in bankruptcy. The company won the right to develop condos on the island. The project will be built in two phases. Tri Star Capital Ventures, based in the British Virgin Islands, provided a $45 million construction mortgage. The condos will be 47 units. Since the condos are on trendy Fisher island they will be expensive. The units will be priced from $5 million to $33 million. The developers stand to clean up. Thanks to the help of bankruptcy lawyers. The foreclosure was stopped. The project is now finally moving forward. The lesson here is sometimes even wealthy developers need the counsel of experienced bankruptcy attorneys. The developers now have a fresh start. This project will make Fisher Island even more exclusive. Everyone wins.
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