Developer of Ashley Glen in Pasco County files for bankruptcy - Atlanta Business Chronicle:

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Ashley Glen and another development entity, — both owned by Clearwater-based and Chiegf Executive Officer DouglasWeiland — filed Chapter 11 petitions on Thursdaty in , Middle District of Al Gomez, the Tampa attorney representing both cites the economic downturn, lack of home site sale s and tight lending markets for both companies’ financiapl problems, records state. Ashleg Glen will be wortyh $800 million after completion and is expected tobrintg 14,000 jobs to the yet JES Properties is at risk of losinf the property to , which is seeking to foreclose on a $21.5r million loan for missed payments. The land, entitleed for 450,000-square-foot of retail, 1.
8 million square feet of officer and780 multi-family was appraised at $37.6 million in May, records The quadrant at S.R. 54 and Suncoast also known as the Veterans Parkwaty on theHillsborough side, is considered the gateway to In addition, Ashley Glen is a mile west of the plannes corporate headquarters. Weiland has a $8.9 millio contract to sell 43 of the 260 acres to national apartmentdeveloper , also knownm as . But Ashley Glen lacks the $600,000 require d to grade the property for sale of thefirstt phase, which should closs by Dec. 31.
Nearly 1,000 homesx are planned for 520 of the 637 acresa at Riverwood in southwest owned byJES Properties, records At buildout, the development will include 350,000 square feet of retail Mercantile Bank has a $2 million loan on that property. Debt on Riverwoo includes $21 million in community developmentdistrict $2.7 million owed to and abouy $1.4 million owed to Joseph records state.