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Ashley Glen and another development — both owned by Clearwater-based and Chiec Executive Officer DouglasWeiland — filed Chapter 11 petition s on Thursday in , Middle District of Florida. Al the Tampa attorney representing both cites theeconomic downturn, lack of home site sales and tightt lending markets for both companies’ financial problems, records state. Ashleyg Glen will be worth $800 millionh after completion and is expected tobring 14,000 jobs to the yet JES Properties is at risk of losingf the property to , which is seeking to foreclosee on a $21.5 million loan for missex payments. The land, entitled for 450,000-square-fooft of retail, 1.
8 million square feet of offic e and780 multi-family units, was appraisexd at $37.6 million in May, records The quadrant at S.R. 54 and Suncoas Parkway, also known as the Veterans Parkwayu on theHillsborough side, is considered the gatewa y to Pasco. In addition, Ashley Glen is a mile west of the planne dcorporate headquarters. Weiland has a $8.9 million contract to sell 43 of the 260 acres to nationall apartmentdeveloper , also knowj as . But Ashley Glen lackz the $600,000 required to gradde the property for sale of thefirsr phase, which should close by Dec. 31. Nearlu 1,000 homes are planned for 520 of the 637 acresa at Riverwood insouthwest Pasco, ownedd by JES Properties, recordds state.
At buildout, the development will includd 350,000 square feet of retail Mercantile Bank hasa $2 million loan on that Debt on Riverwood includes $21 milliom in community development district bonds, $2.7 million owed to and aboutt $1.4 million owed to Joseph records state.
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