First Dartmouth Homes - Condos

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2007-12-28

First Dartmouth Homes, a Tampa condo-builder owned by Frank Maggio, filed for Chapter 11 bankruptcy on December 28, 2007. Per a Tampa Bay Business Journal article:

First Dartmouth owner Frank Maggio originally had planned for a pair of 19-story towers surrounded by single-family homes for what some consider to be a blighted part of town. Maggio purchased properties ahead of approval from the City Council, spending nearly $30 million, but later scaled back much of his project, turning the towers to a maximum of 14 stories and changing single-family homes into multi-tenant units.

The City Council is expected to vote on the project overall Sept. 13, but city officials said the project can't move forward without the right-of-way approvals, which the project failed to get Wednesday night.

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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.