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TAMPA -- The owners of more than 31 acres of prime waterfront real estate near the Westshore Yacht Club have sought Chapter 11 bankruptcy court protection while they try to find new tenants, or sell the land completely.
Viper Ventures LLC — which bought the Rattlesnake Point land just south of Gandy Boulevard for a combined $11.5 million in 2004 and 2005 -- tells a bankruptcy judge in the Middle District of Florida's Tampa division its current problems stem from more than $1.5 million owed by a tenant, RiverHawk Marine LLC. RiverHawk is a ship and yacht repair company that until 2013 was paying nearly $65,000 a month for a 7.5-acre tract of land.
Financial problems forced RiverHawk to reduce its rent payments to $25,000 beginning in early 2014. Despite a $140,000 balloon payment late last year, the debt RiverHawk owes to Viper Ventures is still above seven digits, according to bankruptcy court filings.
The property is currently 60% leased. Other tenants include Cargill, Prestige Yachts and Lazarra Yacht Corp.
Principals for Viper Ventures include Robert Curtis and William Curtis, as well as Charles “Bing” Kearney. Robert Curtis sits on the board of directors for Grenada Electricity Services Ltd. in the Caribbean, a utility half-owned by WRB Enterprises in Tampa, that supplies electricity to more than 99% of the West Indies island.
Kearney was the head of Kearney Construction, a long-time builder that faltered in the housing and construction market collapse in 2010.
In a bankruptcy management plan filed with the court, Viper Ventures wants to spend the next two years paying interest only on its two notes held by Wells Fargo Bank. After that, the company would resume full payments amortized over 30 years, with a balloon payment option in four years.
Viper also wants the bank to allow it to sell the parcel where RiverHawk is located for $9 million.
Another 16 investors in the project, all of whom who were guaranteed a 175% return, would get their money plus 4.75% interest 30 days after the bank loans are paid off. The largest investors in that group are Islandmanagement LLC of Tampa, and Curtis 2013 LLC, both owned by Robert Curtis and William Curtis. Another major investor was longtime Tampa real estate developer Larry Dickson.
The properties are located at 5411 W. Tyson Ave., and 5301 W. Tyson Ave. Viper Ventures reported assets and liabilities between $10 million and $50 million in the case filed April 1.
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