The developers of the proposed Ibiza condominium project in the Short North have filed a plan in bankruptcy court to repay investors.
Under the plan, the main creditor, Columbus-based Finance Fund, would receive $3.6 million of the $5.3 million it is owed, assuming the property at High Street and Hubbard Avenue is sold.
In addition, 52 individuals who placed deposits on condominiums in the building would receive up to $2,600 each. They would receive additional payments if the building is sold.
According to the filing, 75 of the 135 units planned in the complex were pre-sold, with deposits totaling $1.16 million, before developers announced that the complex would not be built. The filing does not address why only 52 buyers are provided for in the reorganization. Apex’s attorney did not return a call seeking comment.
Under the plan, the main creditor, Columbus-based Finance Fund, would receive $3.6 million of the $5.3 million it is owed, assuming the property at High Street and Hubbard Avenue is sold.
In addition, 52 individuals who placed deposits on condominiums in the building would receive up to $2,600 each. They would receive additional payments if the building is sold.
According to the filing, 75 of the 135 units planned in the complex were pre-sold, with deposits totaling $1.16 million, before developers announced that the complex would not be built. The filing does not address why only 52 buyers are provided for in the reorganization. Apex’s attorney did not return a call seeking comment.
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