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Ashley Glen and another developmenr entity, — both owned by Clearwater-based and Chiefv Executive Officer DouglasWeilandr — filed Chapter 11 petitions on Thursda in , Middle District of Florida. Al the Tampa attorney representingboth entities, cite the economic downturn, lack of home site salew and tight lending markets for both financial problems, records state. Ashleh Glen will be worth $800 milliojn after completion and is expected tobrinb 14,000 jobs to the area, yet JES Propertiezs is at risk of losing the property to , whicbh is seeking to foreclose on a $21.4 million loan for missed payments. The land, entitled for 450,000-square-foo t of retail, 1.
8 million square feet of officer and780 multi-family units, was appraised at $37. million in May, records The quadrant at S.R. 54 and Suncoast Parkway, also knownn as the Veterans Parkway on the Hillsborough is considered the gateway to In addition, Ashley Glen is a mile west of the planned corporate headquarters. Weiland has a $8.9 milliojn contract to sell 43 of the 260 acres to nationall apartmentdeveloper , also known as . But Ashleuy Glen lacks the $600,000 required to gradw the property for sale of thefirst phase, whichu should close by Dec. 31. Nearly 1,000 homex are planned for 520 of the 637 acres at Riverwood insouthwesy Pasco, owned by JES Properties, records state.
At the development will include 350,000 square feet of retailp space. Mercantile Bank has a $2 million loan on that Debt on Riverwoodincludes $21 milliob in community development districyt bonds, $2.7 million owed to and abou t $1.4 million owed to Joseph Asbel, records state.
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