It seems as though Nama has finally found a buyer for Sarasota Quay, a huge waterside site in the Florida city that was assembled for a $1 billion redevelopment by Paddy Kelly’s Irish American Management Services.
Kelly and his partners funded the site acquisition with about €70 million in loans from Anglo Irish Bank, for which Nama paid less than a third of the face value. The grand plan (sure, weren't all property plans grand back in the day) was to build about 700 condos, a 175-bed hotel and a bunch of shops.
The site remains undeveloped.
Local reports say that GreenPointe Holdings, a Florida company, is on the verge of acquiring the loans. Nama was unable to comment.
Nama digs in
Local officials, keen to get the site redeveloped instead of lying idle, have been trying to encourage a sale for the best part of two years. Nama has dug in for the best price and may well make a profit on the deal. The taxpayer will lose overall, however.
GreenPointe is run by Ed Burr, an apparently suave developer who was once sued by a bankruptcy trustee over allegations of malpractice at another company. He strenuously denied the allegations and the case was later settled.
I wonder if he has any Irish blood?
