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Hotel-condominium project in St. Petersburg's Old Northeast slides into foreclosure
By Staff Report
St. Petersburg Times
Published: Sep 28, 2009

A one-time hotel-condominium project in St. Petersburg's Old Northeast has slid into foreclosure. The Fuel Group, a Tampa developer, tried unsuccessfully in 2007 to get a 33-story luxury Westin hotel approved at Fifth Avenue N. and First Street. After shrinking the project to 23 stories, Fuel Group was rejected a second time by City Council. Earlier this month, Broadway Bank and Downtown St. Pete Properties LLC sued Fuel for failing to pay off its $4.8 million mortgage on the property. Fuel Group, owned by former oil and power plant executive Jiwat Lalwani, has been trying to raise fancy hotels in places like downtown Tampa, Clearwater Beach and Tampa's West Shore business district. But the real estate downturn clipped those plans.




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