Condo developer Opus South files for Chapter 11 bankruptcy

Opus South, developer of St. Petersburg's luxury 400 Beach Drive condominium tower and nearby Parkshore Plaza along with Water's Edge in Clearwater, has filed for Chapter 11 bankruptcy, slammed by the real estate downturn. Opus is headquartered in Atlanta but maintains a Tampa office from which it made its mark in high-quality residential development. Mark Rauenhorst, chairman and chief executive of parent company Opus Corp., said the climate is as bad as it's been in the company's 56 years, but that Florida has been hit the hardest. The company vowed an "orderly wind down" of its portfolio, but didn't specify which projects would be sold off.

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