South Tampa custom homebuilder files for Chapter 11 bankruptcy reorganization
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 5, 2024

A South Tampa custom homebuilder has filed for Chapter 11 bankruptcy reorganization because the cost to build four of its homes exceeded its bid on those projects, according to court documents.

Bayshore Custom Homes filed for bankruptcy on May 30. The builder has four projects in various stages of construction and intends to continue to oversee them "for no additional direct compensation," according to court documents. Owner David Hill has not received a salary "since at least 2022."

"The insufficient bids were due to an unexpected increase in the cost of products and labor," according to court documents.

Neither Hill nor an attorney for the builder responded to requests for comment.

The builder has $1.18 million in unsecured claims. The majority of its claims are commissions to real estate brokers and trade debt to subcontractors, as well as vendors' bills. It also lists more than $50,000 on a Chase Ink credit card. It has less than $50,000 in assets.

Sorto Painting and Repair Inc. of Brandon is owed the most money of the unsecured claims at $74,716. Ion Electrical Contractors of Tampa is owed $70,260, and The Diva Decorator is owed $61,791.

The following real estate brokerages and commissions are listed as unsecured claims:

Charles Rutenberg Realty, $43,692

The Duncan Duo, $59,388

The Viking Team, $61,380

54 Realty, $51,992

Bayshore Custom Homes reported $11 million in 2021 revenue to the Tampa Bay Business Journal. At the time, the company had nine custom homes under development in the area and the homes typically sold for $2.2 million to $3.5 million.