As of November 11, 2020, at least four active unpaid construction work claims worth $2.5 million have been placed against the $85 million Bowery Bayside apartment project — operated by Atlanta-based multifamily real estate firm Cortland — in the Marina District of Tampa, Florida.
The unpaid construction work claims, known as mechanics liens, were processed by three subcontractors and one supplier since October 6. Two lien releases — which is a satisfaction of the mechanics lien — also took place against the property in July and October worth a combined $252,000.
A mechanics lien is a claim for unpaid work filed by contractors to provide them with a security interest in the serviced property. Until the lien claim is satisfied, an owner is unable to sell or refinance the property.
The project involved in the construction of 585 new units to the development that has been owned by Cortland since 2016, according to a May 2019 report from the Tampa Bay Times — which also found that over 600 new apartment complexes had been constructed in the Marina District, with $500 million in additions.
Spokesmen from Cortland, the Bowery Bayside apartment complex, and claimant contractors have yet to respond to requests for comment.
3 subcontractors, 1 supplier owed $2.5M at Bowery Bayside by Cortland Apartments
At least four active mechanics lien claims worth a combined $2,502,544.41 are still placed against the Bowery Bayside by Cortland apartments, located at 6301 S West Shore Blvd, Tampa, FL.
Two of the three subcontractors filed their liens against the project’s general contractor, Cortland Improvements — which is a subsidiary of Cortland.
On November 16, 2020, subcontractor Phoenix Construction Group filed the largest known active lien against the property and general contractor worth $2,038,283.20. Phoenix Construction Group’s contract with Cortland Improvements was worth $8.59 million.
The subcontractor’s lien affidavit states they serviced materials consisting of exterior sheathing, metal framing, scaffolding, drywalling, interior/exterior painting, and other related work.
Phoenix Construction Group is now facing at least two mechanics lien claims from an unpaid subcontractor and supplier at the Bowery Bayside apartment project, totalling a combined $240,809.27 in unpaid work.
The fourth active lien claim was filed by Champion Glass on November 19 against the GC.
Champion Glass’s unpaid work claim is worth $223,451.94 after agreeing to a contract with Cortland Improvements for $620,000.
According to the lien affidavits, Westshore FL Partners serves as the property owner.
Cortland continues to grow its reach in South Florida
Amid lien claims surrounding Cortland’s Bowery Bayside apartment complex in Tampa, the multifamily real estate firm is continuing to build in South Florida as of November 2020.
The St. Pete Catalyst has reported on November 18 — just one day prior to Champion Glass’s lien filing — that Cortland has purchased the Bainbridge Bayside apartment complex in Clearwater, Florida.
Bainbridge Bayside was purchased for $104.2 million and will house 360 apartment units.
As of November 2020, Cortland now owns five apartment communities with 2,600 units in the Tampa-St. Petersburg area.