The long-touted Bradenton Beach mixed-use marina has hit serious chop, with developer Leestma Management LLC retreating into Chapter 11 after financing and legal troubles stalled the waterfront project and brought lenders to the courthouse steps.
Bankruptcy Filing Details
Leestma Management filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the Middle District of Florida on Wednesday, under case number 8:26-bk-02696. Court papers put the company’s assets and liabilities in the $50 million to $100 million range and list attorney David S. Jennis as counsel of record. The docket also reflects an order allowing the company to keep operating as a debtor-in-possession, along with an emergency notice asking for joint administration of affiliated cases and setting a series of procedural deadlines in the months ahead, according to a summary in Bankruptcy Observer.
Project in Receivership
The bankruptcy move follows earlier reporting that the Bradenton Beach marina venture had already landed in receivership after lenders complained about missed payments and unpaid bills tied to the site. That coverage described the planned waterfront, mixed-use development as an approximately $85 million project and noted that Leestma Management is linked to a national portfolio of real estate and operating assets, as reported by Tampa Bay Business Journal.
Company Background
State corporate filings identify Leestma Management as a Bradenton Beach–based entity and list Ryan M. Leestma as a principal. Records with the Florida Division of Corporations show multiple affiliated LLCs and recent annual reports connected to the Leestma name, according to the Florida Division of Corporations.
A Pattern of Lender Disputes
The Bradenton Beach dispute is not the first dust-up between Leestma-linked entities and their lenders. In other states, creditors have gone to court seeking receivers or foreclosure on waterfront projects tied to the same orbit of companies. One Michigan circuit court opinion in a lender lawsuit cited unpaid contractors and unpaid taxes on a separate development and referenced what defendants described as “a thriving $85 million mixed-use development,” underscoring the financial pressure surrounding projects connected to the Leestma name, as detailed in Michigan Courts.
What the Filing Means for Bradenton Beach
For now, the Chapter 11 petition slams the brakes on collection efforts through the automatic stay and gives Leestma Management a limited window to craft a restructuring plan under the watchful eye of the court. The docket shows the company has been authorized to keep operating as debtor-in-possession and that a plan and disclosure statement are due by July 30, 2026, according to the court summary from Bankruptcy Observer.
Legal Snapshot
Chapter 11 generally allows a company to stay at the helm as debtor-in-possession while creditors and the judge review any proposed reorganization plan. Outcomes can vary widely, ranging from a confirmed restructuring to a sale of assets or a conversion to straight liquidation. For readers who want a deeper dive into how the process works, the Administrative Office of the U.S. Courts offers a plain-English overview of Chapter 11 practice and procedures: U.S. Courts.
