Ch. 11 move by Balzola firms stalls $62.5M Bahama Bay foreclosure
Two companies associated with South Florida developer Carlos Balzola’s ICM Development — Bahama Bay II Development LLC and BB2 Development Holdings LLC — on Oct. 4 filed for Chapter 11 bankruptcy protection in the Middle District of Florida.
Jeffrey Ainsworth is the debtor’s legal representative on the cases.
Both companies are behind a condo-transformation project in Davenport, which according to a 2022 GrowthSpotter article, Balzola took on from a previous developer who had stalled on completing a renovation and expansion of the 160-unit multi-family Bahama Bay Condominium community in the Four Corners area.
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The development originally included 160 condos and 24.6 acres of undeveloped land. Nine additional two-story buildings with 244 new condos were to be built, mostly studios and one- and two-bedroom units, which were intended to be more affordable and smaller than the original larger units. The existing units range from 1,173 to 1,655 square feet, according to active listings.
