Jim Raptis rising from the ashes with Gold Coast recapitalisation plans

The veteran Gold Coast developer Jim Raptis plans a comeback.

He has plans to recapitalise the delisted Raptis Group and start a large project opposite the Harbour Town Shopping Centre at Biggera Waters on the Gold Coast.

The 67 year old who has been through several property cycles, has advised the company directors' plan to recapitalise the company to have a minimum of $1 million in cash.

"Research has provided attractive opportunities to resume the previous property development activities of the company and return value to the shareholders," said Raptis.

Raptis has kept a mostly low profile over the past six years after his group collapsed in 2009.

Raptis Group announced on Wednesday it had received the benefit of a "legal clearing of the decks" and "the opportunity to resume trading without any liabilities from the past resurfacing".

The local News Ltd paper suggested it was "its third phoenix-like rise from the ashes of financial disaster".