Attorneys representing Colorado Crossing developer Jannie Richardson have filed a Chapter 11 reorganization plan that calls for the sale of 17.5 acres of the 153-acre parcel to pay off debt.
The filing comes after of an extension was granted by the U.S. Bankruptcy Court earlier this summer.
The proposed plan, filed with the court last week, calls for the sale or auction of the property to pay both creditors and tax debt.
The plan, if approved by the judge, will then be submitted to the developer’s creditors for review and acceptance. No date or deadline for either has yet been set by the court.
Richardson acknowledged that it is a tough time to sell real estate.
“It’s very hard, but we wanted to honor what the judge and the lienholders have requested,” Richardson said.
The 153-acre property, located on the southeast corner of InterQuest and Voyageur parkways, entered Chapter 11 bankruptcy last February, allowing its owners to reorganize to meet financial obligations to about 40 creditors who were owed about $25 million.
While the site was originally planned for office, retail, multifamily, entertainment and hotel development, so far just a near-finished multiplex theater and adjacent parking garage along with an office building shell have been completed.
Richardson said she maintains hope that the project will be able to move ahead.
“But it’s a very slow process,” she said.