Unfinished Arena On The Block
An abandoned arena project near Lakewood Ranch, Fla., will go on the auction block Nov. 17 because its developers failed to make a $60,000 interest payment ordered by a judge in its Chapter 11 reorganization.
DVA Arena LLC and its president, Sal Diaz-Verson, filed for bankruptcy protection in July to stop foreclosure proceedings on the $70 million hockey arena the company hoped to build and operate on 60 acres five years ago.
However, the $60,000 payment to first lien holder Schroeder-Manatee Ranch didn’t materialize by the Sept. 18 deadline and the auction is back on, according to the Bradenton Herald.
Dan Perka, SMR chief counsel, said his clients will bid Nov. 17. The project’s construction company, Walbridge-Aldinger, is also said to be interested.
“Our objective is to see that the facility is built,” Perka told the paper. “If they are willing to do it, that will be perfectly acceptable to us. We just want to make sure the arena is developed.”
The successful bidder will have to comply with the deed structure, which requires the parcel be used as a multipurpose facility until 2024, the paper said.