One More Thing: Nama on the verge of offloading Sarasota Quay

 

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?

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.