October 15, 2007 16:10 ET

Federal Jury Verdict for $41.5 Million for Plaintiff Panama City Beach Condos Against Insurance Company

PANAMA CITY, FL--(Marketwire - October 15, 2007) - The developer of Tidewater Beach Condominiums on the Gulf of Mexico in Panama City Beach, Florida received a unanimous jury verdict Friday evening, Oct. 12, against Defendant Axis Surplus Insurance Company for just over $41.5 million.

Hurricane Dennis first impacted the project with weather effects as a Category IV hurricane on July 9, 2005, and it landed near Pensacola on July 10, 2005 as a Category III hurricane. Hurricane Dennis halted construction progress at the 31-story, 570-unit Tidewater Beach Condominiums.

"We began our landmark Tidewater project on Panama City Beach with a belief in the area and wanted to build a project worthy of the high quality beaches of the Gulf Coast," said Tommy Henry, with Panama City Beach Condos, LC, Tidewater developer. "We remained confident throughout the legal proceeding with Axis Insurance. The jury verdict reinforces our faith in the judicial system and we are extremely grateful to the jury for finding the truth." After learning of the verdict, Crys Hopper, the Owner's Representative for the project, said, "We would like to thank the jurors and the court system for their tireless efforts in the pursuit of justice. We look forward to finally realizing our dream that is Tidewater Condominium."

Starting October 1, 2007, the two-week jury trial took place in federal court in Panama City before The Honorable Richard M. Smoak, U.S. District Judge for the Northern District of Florida. The jury verdict awarded Panama City Beach Condos all damages it sought before the jury.

The Court retained jurisdiction of the case to award the Plaintiff attorneys' fees and costs against the insurance company, to apply the appropriate deductibles under the insurance policy, and to consider awarding prejudgment interest in favor of the Plaintiff.

Tidewater Beach Condominiums received a Certificate of Occupancy in 2007 and remains actively selling condominium units.

Contact Information

  • Contact:
    Crys Hopper
    Owner’s Representative
    Panama City Beach Condos, LP
    Office: 850-231-7042
    Cell: 850-259-4095