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Post by Admin on Mar 20, 2014 17:46:03 GMT
03 DECEMBER 2012
Anglo Irish Bank will take a 33pc haircut on a parcel of land it's selling in Florida that was acquired by developer Paddy Kelly in 2004 for $60m (€42m).
It's believed that the state-owned bank has agreed in principle to sell the land to US property developer Zeb Portanova, who must complete the deal to buy the 15-acre site by September 1. It's understood that a $40m (€28m) purchase price has been agreed. The site, Sarasota Quay, was to incorporate a landmark $1bn (€707m) commercial and residential development.
Despite Anglo Irish Bank's effort to sell the site, it has been reported that Mr Portanova may struggle to meet the September 1 deadline.
Two former partners of another planned $1bn development in Sarasota, the Proscenium, have filed a legal action against Mr Portanova in Florida. They claim he defaulted on a deal to pay them nearly $5m. In April, Cadence Bank filed a $3m foreclosure suit against Mr Portanova and the Proscenium.
The Sarasota land owned by Mr Kelly became the subject of legal action more than a year ago. Irish American Management Services (IAM), the company behind the planned development of the site, was backed by Mr Kelly, John McCabe of McCabe Construction, and John Walsh, a long-time investment partner of Mr Kelly. Legal action was taken by Bussoleno, registered in the British Virgin Islands, seeking foreclosure in January last year on mortgages it granted IAM for parcels of land at Sarasota. Bussoleno claimed that IAM was delinquent on $7.7m in loans.
This week, Bussoleno brought a legal action in Ireland against the three men to enforce a $5.77m judgment granted in the dispute by a court in Florida. Legal representatives for Bussoleno told the Commercial Court that the company was concerned that Mr Kelly was subject to debt-recovery proceedings and that he had said his liabilities may exceed his assets.
Bussoleno is a trust for the children of Rene Gareau, a Canadian citizen who had a 40-year friendship with Mr Kelly. The pair had been holidaying in Sardinia in 1999 when the Mr Gareau asked Mr Kelly if he would like to invest in the Sarasota project.
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Post by Admin on Mar 21, 2014 21:46:36 GMT
May 28 2013
The biggest hurdle has likely been cleared in efforts to develop what has been called the most valuable piece of undeveloped commercial property in Southwest Florida.
Attorneys involved with a lawsuit regarding rights to land which once held the Quay say a lawsuit has been "amicably resolved." Some details of the settlement, such as who will be in charge of selling the 15-acre property, will be made publicly available in court filings later this week. Attorneys would not share the confidential terms of the settlement.
A lawsuit which went before a judge in Sarasota County this week sought to sort out complicated ownership on the land. The Quay property, once home to a mixed-use office and retail center on Sarasota Bay, was sold by a Candian Group led by Rene Gareau and Shelly Fenton in 2004 to Irish American Management Services. In Irish American's hands, the site was cleared by developer Patty Kelly for an ambitious Bayfront development with expansive hotel, condo, retail and office space.
But that plan ended up a seeming casualty of the Great Recession. The land ultimately ended up being foreclosed upon by Anglo-Irish Bank, a lender controlled by the Irish government. The vacant land has been the subject of ownership disputes ever since, with Kelly, Gareau and Angli-Irish all claiming liens and ownership matters with the property.
As for what ultimately ends up on the Quay site, that will depend on who ultimately buys the land. "The owner will make that determination, once the owner is determined," said Jim Dominko, an attorney at Steven Hutton's law firm, which represented Gareau in the court proceedings.
Now, local leaders are anxious to see the property developed. Local developers have pitched plans for a conference center at the site, and tourism leaders at a recent SRQ-sponsored symposium said the site would be ideal for that use but would likely need to be publicly subsidized. Located between the Hyatt Regency and Ritz-Carlton, the site is also ripe for a hotel
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Post by Admin on Mar 21, 2014 21:50:46 GMT
Feb 6 2004
The Quay: Why now?
Kelly’s purchase was the result of an evolutionary relationship with its previous owner, Canadian/Sarasota businessman Rene Gareau and a group of Gareau’s Canadian partners. Kelly and Gareau have been friends for nearly a quarter of a century. About four years ago, while their two families were vacationing in Sardinia, Gareau showed Kelly a brochure for Villa Siena, a condominium high-rise Gareau wanted to build next to the Quay over the parking lot of the Sarasota Hyatt Resort. Gareau asked Kelly to invest $10,000.
Kelly thought instead he might want to invest more and become a limited partner in the venture. He flew to Sarasota about two weeks later, looked over the property and shook hands with Gareau. Kelly decided to invest $1 million. “We thought it would be nice to have a stake in America,” Kelly says. “And maybe we’d end up with a nice apartment.” This was Kelly’s first investment in Florida real estate. And he was prepared to be patient. But a year and a half ago, Kelly says, “We moved to take it over (the Villa Siena project). The Canadian partnership was not getting it done. At the same time, we looked at taking over the Quay itself.” On top of that, Kelly says, when he saw the Ritz-Carlton project come to fruition, “we felt Sarasota’s time had come.”
Kelly’s role in the Quay
“America is the new thing for me,” Kelly says. And the Quay is - at the moment - the bull’s eye of his attention. “You know that old saying, ‘We’re going to America.’ It’s very appealing to be involved in America.” Until 18 months ago, the Quay ranked low on Kelly’s list of priorities - maybe number 20, he says. “Now it’s in the first five. For January and February, it’s number one. I have to pay attention now.”
Kelly says his job with the Quay is “to get the concept right, put it on paper and get the support of the community.” Toward the latter, he already has met several Sarasota city and county elected officials, including Sarasota Mayor Lou Ann Palmer, City Commissioner Mary Anne Servian, Sarasota County Commission Chairman Jon Thaxton and Congresswoman Katherine Harris. Last weekend, he attended the tribute dinner of the Sarasota Film Festival. “There’s a real welcome here,” he says. “I didn’t think the Quay was that important.”
Kelly’s role with the Quay also will include assembling the team to bring it to fruition. Kelly expects to engage Sarasota architects, engineers and other professionals, as well as his existing network of professionals in Ireland. Jeff Gareau, Rene’s son, will be the on-site manager of the Quay’s redevelopment. Kelly also mentioned Sarasota planner Bruce Franklin of the ADP Group and Sarasota architect Rick Gillett, who designed Villa Siena. And he says he’d like to develop partnerships with Bob Buford, one of the developers of the Ritz-Carlton; WCI Communities Inc., developer of the Tower Residences at the Ritz; and the owners of the Sarasota Hyatt. He wants to link the Quay with each of their ventures.
Kelly’s banker will remain his longtime finance partner, Dublin-based Anglo Irish Bank Corp. “It took a while to persuade them to come to America,” Kelly says. Anglo Irish provided a $12 million mortgage on the Quay’s purchase.
Impression of Sarasota
When Kelly visited Sarasota four years ago to decide whether to invest in the Villa Siena condominium project, his first impression of Sarasota was this: “What surprised me was the lack of good shopping facilities downtown.” Nonetheless, the city’s cultural offerings impress him. Says Kelly: “My dream would be to have a condo here linked to the hotel services. I’d love to come here on a regular basis.”
KELLY’S VENTURES
Office parks and buildings - Under a variety of operating partnerships, Kelly is one of Ireland’s most active developers of large (more 200,000 square feet) mixed-use commercial projects. Redquartz Ltd. - Based in Dublin, this is the management company for all of Kelly’s businesses. It handles such things as the businesses’ accounting and human resources.
Prem Group - This includes four businesses: Days Serviced Apartments, which provide fully furnished apartments for the corporate and leisure sector in Dublin, Manchester, Liverpool, Bristol, Nottingham. Premier Business Centres provide companies with furnished offices, complete with computers and telephones, secretarial staff and catering; 16 locations in Dublin and Belfast; Premier Hotels owns and manages Wingate, Days Inn, Quality, Clarion and Choice brands; Premier Meeting Rooms provides off-site meeting space at the Premier Business Centres.
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Post by Admin on Mar 23, 2014 12:36:49 GMT
Mon, Jul 15th, 2013
Irish Building Society Sues London Property Mogul Simon Halabi
A legal action launched by the now-defunct Irish Nationwide Building Society against Syrian born property mogul Simon Halabi, who was once one of Britain’s richest people, has succeeded in securing a US10.4 million judgment against firms connected to him.
When Irish Nationwide went broke in the financial crisis that began in 2008, it was subsumed into the state owned, now also in-liquidation, Irish Bank Resolution Corporation. Its successor entities have since sued Simon Halabi and two firms – Stormex Holdings and Immofra- after a large loan made to Stormex in 1997 had not been repaid.
It seems no interest owed has ever been paid on the loan either. A court in Jersey said bookkeeping by Irish Nationwide in relation to borrowings it advanced to one of the defendant firms in the case “fell short of what would be expected of any well-conducted bank or building society”.
Once a pillar of Britain’s rich elite, Mr Halabi was reckoned in 2007 to have a US$4.5 billion fortune. At one point, he was also involved in the new landmark Shard skyscraper in London after acquiring a 25% stake in the development from Irish Nationwide itself. He later sold his holding to Qatari investors as his financial difficulties began to accumulate.
As part of a 1997 agreement by Irish Nationwide to advance money to Jersey-based Stormex, Mr Halabi and a second company Immofra provided guarantees for the loan. The Chateau des Bois Mures holiday development north of Cannes was provided as collateral for the loan and Irish Nationwide held a charge over the property, which at the end of 2009 was listed as being worth about US$9.5 million.
In its law suit Irish Nationwide claimed that by the year 2000 there was US$3.5 million outstanding on the loan it had advanced to Stormex. Fast forward to today thirteen years later and with interest, the amount owed has jumped to more than US$10.4 million.
A judgment in default had previously been secured by Irish Nationwide against Mr Halabi, but the institution never received a nickel from the businessman, who had declared personal bankruptcy in England and subsequently been discharged.
This newspaper reported two weeks ago that the Reuben Brothers, David and Simon, have announced plans to re-develop Cambridge House in London, an historic mansion dating back to the mid eighteenth century. We reported they had previously purchased the property in 2011 from a large property developer who had gone bankrupt. That developer was Simon Halabi; the world of international property development is a small one it seems.
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