Strip Mall Not Open Yet; Developer Works Out Bankruptcy
On behalf of Law Offices of Chad M. Hayward, P.C. posted in Chapter 7 Bankruptcy on Wednesday, December 11, 2013.
If you live in Chicago, you might have headed to Michigan to enjoy the strip malls. In this case, a popular real estate developer filed for chapter 11 bankruptcy protection with his lawyer, and now he has finally been able to come to an agreement with his creditors. If you find yourself in a situation like this, you may also want to speak with a Chicago personal bankruptcy lawyer who can handle your case.
According to the Dec. 3 news, the man owns The Village at Knapp’s Crossing, a lifestyle shopping center located at the northeast corner of East Beltline Ave. and Knapp Street NE. He allegedly had trouble to start with, including debt piling up to the $7.4 million he now owes to banks, lawyers and the city of Grand Rapids. He allegedly also owes money to Kent County. Although this strip mall has become a bit of a problem, the developer has also built a successful portfolio of strip malls through his company.
The city was allegedly concerned that the man would pull out of the project due to this bankruptcy petition, so it has now insisted that he would complete the sidewalks and streets as designed before it will issue any building permits. In addition to this restriction, the developer has also had to pay a P.F. Chang’s, the only tenant on the lot, because the shopping mall did not open on time last year.
If you run a business and run into trouble with money, chapter 11 bankruptcy information can be a great help. You may be able to work with a lawyer and the people you owe to work out a plan that will help you continue your project or get out of debt.
Source: MLive, “Chapter 7 bankruptcy threat abated for The Village at Knapp’s Crossing” Jim Harger, Dec. 03, 2013
