Tampa waterfront owner seeks bankruptcy protection

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.