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400 Beach luxury condominiums in downtown St Petersburg – breaking news 4-23-09

The developer of 400 Beach, a luxury condominium in downtown St Petersburg Florida, has filed for bankruptcy. Opus South filed for Chapter 11 –  400 Beach is just one of the Opus properties. According to the St Pete Times, the company promised an “orderly wind down” of its portfolio. This is a sad conclusion for Opus, based in Atlanta, whose parent, Opus Corporation,  has been in business for 56 years. Earlier this week I posted a specific market update for 400 Beach for both sales and rentals. Opus is currently accepting “Nonbinding” offers on their remaining 18 condo units.

Opus press release
Robert Trigaux on Opus South Bankruptcy
Opus South Chapter 11 bankruptcy filing spells market exit

4/24/09  Followup article on Opus South and 400 Beach in the St Pete Times

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