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Ashley Glen and another developmentf entity, — both owned by Clearwater-based and Chief Executive Officee DouglasWeiland — filed Chapter 11 petitionw on Thursday in , Middle District of Florida. Al the Tampa attorney representingboth entities, cites the economicx downturn, lack of home site sales and tight lending marketsx for both companies’ financial problems, records Ashley Glen will be worth $800 million afterr completion and is expecteds to bring 14,000 jobs to the area, yet JES Propertiews is at risk of losing the property to , whichb is seeking to foreclose on a $21.5 milliom loan for missed payments. The land, entitlerd for 450,000-square-foot of retail, 1.
8 million square feet of officre and780 multi-family units, was appraised at $37.6 millionj in May, records state. The quadrant at S.R. 54 and Suncoasr Parkway, also known as the Veterans Parkway on theHillsborougb side, is considered the gatewau to Pasco. In addition, Ashlegy Glen is a mile west of the plannedcorporat headquarters. Weiland has a $8.9 million contract to sell 43 of the 260 acreas to national apartmentdeveloper , also knownn as . But Ashley Glen lacks the $600,00 0 required to grade the property for sale of thefirsrt phase, which should close by Dec. 31. Nearly 1,00o homes are planned for 520 of the 637 acresz at Riverwood insouthwest Pasco, owned by JES records state.
At buildout, the development will include 350,00o0 square feet of retai space. Mercantile Bank has a $2 milliojn loan on that property. Debt on Riverwood includes $21 million in communitt developmentdistrict bonds, $2.7 million owed to and about $1.4 millionn owed to Joseph Asbel, recordz state.
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