Real Estate Developers File $750 Million Claim against BP Oil
Houston, Texas February 25 - As the Panama City Beach International Airport neared completion in the spring of 2010, dozens of real estate developers were ready to reap the rewards of years of planning in preparation for the biggest real estate boom in Florida.
The Panama City Beach International Airport would open up the region much as Southwest Florida International Airport in Fort Myers helped drive a housing boom along Florida's southwestern coast in the 1980s.
"Panama City is an economy waiting to break out,' said Steven Cochrane, chief regional economist for Moody's Economy
'What sets the resort apart is the planned construction -- scheduled to begin in late spring-- of a $330 million international airport to replace the outdated Panama City-Bay County International Airport.' -NEW YORK TIMES
As the Panama City Beach International Airport finally opens on May 23, 2010 it's to the back drop of the largest oil spill in US history. By mid-June, oil and tar balls reach the pristine beaches of Panama City, the biggest asset of the area. These beaches bring in tourism dollars which is the main reason people buy real estate, especially vacation properties, in this area.
The attorneys at D. Miller & Associates, PLLC have spoken with the largest real estate developers, banks, and brokers involved in the Panama City expansion. Together their combined losses total about $750 million as a result of the BP oil spill.
The spill halted the planned real estate growth within the city and ended the real estate boom that community developers were banking on.As a result of the oil spill pollution, the plug was pulled on real estate developments. Losses began to mount within the real estate developer's community and then from the banks providing loans for the new developments.
These real estate developers have been excluded by the Deepwater Horizon settlement; their claims are now being filed by the law firm under the Oil Pollution Act (OPA).
The real estate developers have the burden of proof to show that their specific financial losses were directly impacted by the 2010 oil spill.'Proving economic injury cause by the oil spill is the main hurdle for the Panama City real estate developers.' said Attorney Darren Miller, founder of D. Miller & Associates, PLLC. 'Because of the presence of oil on the Panama City beaches, this should not be a very hard task.'
'Losses for real estate developers occur from the beginning of a project. This would include engineering, design, and land cost to just mention a few of the hard losses incurred before a project is even ready to build.' stated Mr. Miller.
In the case of Panama City, developments had reached the beginning stages of building to coincide with airport opening in May 2010. Unfortunately, the building was not able to progress after the oil spill disaster.The lending banks also incurred losses as the real estate developers were forced to default on their loans and their properties went into foreclosure.
Panama City, the developers, and banks suffered a severe loss in 2010 after the Deepwater Horizon rig explosion and largest oil spill in U.S. history.
'We at D. Miller & Associates, PLLC are confident that BP will do the right thing and compensate these clients for their losses. But just in case BP does not meet its obligation under OPA we will file lawsuits and obtain trial dates for all these cases in April 2013.' said Attorney Darren Miller.
'We look forward to working with BP and its agents in compensating this community for their losses. We anticipate that BP will meet its obligation to those developers that have suffered losses as we approach the three year anniversary of the rig explosion.'
About D. Miller & Associates, PLLC:
Founded in 2002 by attorney Darren Miller, D. Miller & Associates, PLLC is a premiere national law firm with practice areas in personal injury, asbestos and mesothelioma, defective drugs and devices, business and criminal law.
Based in Houston, Texas, the attorneys at D. Miller & Associates, PLLC, have successfully earned their clients compensation through aggressive litigation against even the most powerful of defendants.
For a free legal consultation, contact the firm at 1-855-PRO-LAWYERS or visit our website at http://dmillerlaw.com
— WebWireID170564 —