$40 million in debt, bankrupt Orlando developer pushes for property sale amid investor losses
After accruing about $41.7 million in debt and filing for Chapter 11 bankruptcy protection Aug. 29 in the U.S. Bankruptcy Court for the Middle District of Florida, Orlando-based Primeland Real Estate Development LLC is seeking Judge Lori Vaughn's approval to sell its main asset: a nearly 10-acre parcel in Kissimmee that's home to a stalled condo-hotel project, according to court filings.
The proposed bid procedures call for a 50-day marketing period, during which Pompano Beach-based Fisher Auction Co. and its strategic partner Greenwood Village, Colorado-based HREC Investment Advisors will solicit bids for the property. The two companies worked together on the Crowne Plaza Orlando Universal Boulevard auction that spawned Hotel Landy.
Court documents also show the following:
Primeland is behind the condo-hotel project at 7761 Livingston Road that, after more than five years in the works, has run aground with two incomplete towers. By the end of 2021, contractors were owed about $1.5 million in unpaid fees on the project, and the hole has only gotten deeper since.
