The developer of The Outpost, a mixed-use project once touted as a model for the development of a pedestrian-oriented district along Poway Road, insists the project will move forward to a successful completion despite filing for Chapter 11 bankruptcy in September.
Poway Property LP, the owner-developer of the project, filed for Chapter 11 bankruptcy protection on Sept. 13, listing debts of $22.9 million owed to 11 creditors, and liabilities to a 12th creditor undetermined, according to the bankruptcy filing. The largest amount, $21 million, is owed to UC Poway Post Holder, LLC.
The developer listed assets of $50,000 or less, according to the bankruptcy filing.
While the numbers may look daunting, an attorney for the developer, David Speckman of San Diego, said the developer is determined the project will move forward to completion.
The project is going to be completed. The project is going to be back on track here shortly, Speckman said Friday.
Currently, all work at the site, a 1.58-acre parcel at Poway Road about a block west of Community Road, has ceased, Speckman said. The developer plans to bring a new general contractor on board once work resumes.
The project is being developed by Poway Property LP and its general partner, Canadian-based Capexco. Trent Claughton, the companys president and CEO, spoke at an August 2018 ground-breaking ceremony for The Outpost project, calling it a milestone that would help establish a walkable downtown district for the city.
To get the project back on track, the developer has proposed significant changes, Speckman said. Most notably, the developer wants to expand the residential portion of the mixed-use project.
The original plan approved by the city calls for 53 residential units, a food hall, a fitness center and two stories of underground parking. Under that plan, Speckman said residential would have accounted for 60 percent of the total 100,000 square feet, and commercial uses would have occupied 40 percent.
While Speckman could not provide a specific number of residential units called for in the new proposed plan, he said residential would now account for 82 percent of the square footage, with commercial making up 18 percent. It was not immediately clear whether the specific commercial uses would be changed or scaled back under the revised project. Total square footage would remain the same.
The developer hopes to bring the revised plan to the Poway City Council in November, Speckman said. We believe the city would welcome the new plan, he said.
The owner-developer is committed to seeing the project completed, Speckman said. Once the city signs off on the revised plan, he said, Then its anticipated theyll be able to arrange new financing to complete the project.
Poway Mayor Steve Vaus, who also spoke at the 2018 ground-breaking ceremony, predicting the project will be remembered for generations to come, referred a request for comment to Rene Carmichael, a city spokeswoman.
Carmichael said the bankruptcy filing is a concern, and that city officials are monitoring the site during the construction hiatus for any potential health and safety issues. However, the citys ability to intervene is limited because The Outpost is a private development.
Carmichael also said the proposed changes to the project are not far enough along in the citys review process to be brought forward to the City Council for consideration at a meeting in November.
According to Speckman, the underground parking and foundation of the project are 80 percent completed, while the overall project is about 25 percent completed.
The project, the first of its kind to be approved under an update to the Poway Road Specific Plan, has suffered some setbacks since construction began. In 2019, the developer announced completion would be delayed by one year due to complications in removing a larger-than-anticipated amount of groundwater during excavation.
In July of this year, a sub-contractor on the project, PERI Formwork Systems Inc. filed a lawsuit against Poway Property LP, Capexco and the general contractor on the project, K.D Stahl Construction Group Inc., alleging it had not been paid for concrete formwork and shoring materials it had provided for the project.
Under Chapter 11 bankruptcy, a company can reorganize and restructure its debts while continuing its business operations.
Speckman said such reorganization is sometimes used by a company to catch its breath, so it can safeguard its project and pay its creditors in an orderly fashion.
In this case, he said, the developer needed a pause to create a plan to pay its debts, gain city approval of the proposed changes, secure new financing and finish the project.
Were making good progress on that goal, he said.
Go here to read the rest:
- Judge Approves Deal to Resolve Puerto Rico Bankruptcy - The New York Times - January 19th, 2022
- When to apply for a credit card after bankruptcy - Bankrate.com - January 19th, 2022
- ANALYSIS: Three Skills Bankruptcy Associates Need to Stand Out - Bloomberg Law - January 19th, 2022
- Judge rejects legal shield in bankruptcy of former Ann Taylor parent - Reuters - January 19th, 2022
- Italy's Moby Files US Bankruptcy in Ongoing Reorganization Battle - The Maritime Executive - January 19th, 2022
- Delaware Bankruptcy Court Rules That Unsecured Creditors Of A Solvent Debtor Are Entitled To Post-Petition Interest At The Federal Judgment Rate, Not... - January 19th, 2022
- Famous Anthony's owners filing for bankruptcy in wake of hepatitis A outbreak - Food Safety News - January 11th, 2022
- Purdue Pharma can appeal rejection of bankruptcy plan - Reuters - January 11th, 2022
- This Beloved Seafood Chain Is Making a Comeback After Bankruptcy Eat This Not That - Eat This, Not That - January 11th, 2022
- Puerto Rico To Get Bankruptcy OK With Plan Modifications - Law360 - January 11th, 2022
- Bankruptcy Court Holds Arbitration Clause Unenforceable When Underlying Contract Is Rejected Pursuant to Section 365 of the Bankruptcy Code - Lexology - January 11th, 2022
- COMPLIANCE WITH OFFICIAL BANKRUPTCY FORM 105 SATISFIES ASHCROFT V. IQBAL - JD Supra - January 11th, 2022
- The Hong Kong approach where debtors lodge a petition for their own bankruptcy - how to prevent abuse of process - JD Supra - January 11th, 2022
- Corporate Bankruptcy Wave Turns to Dust, Defying Expectations - Bloomberg Law - January 7th, 2022
- Bowlski's will keep on rolling in El Jebel through bankruptcy - The Aspen Times - January 7th, 2022
- The Inside Story Of How Jessica Simpson Launched, Sold Then Re-Acquired Her Billion Dollar Retail Empire From Bankruptcy - Celebrity Net Worth - January 7th, 2022
- The Law Amending The Enforcement And Bankruptcy Law And Certain Laws Is Published - Insolvency/Bankruptcy/Re-structuring - Turkey - Mondaq News Alerts - January 7th, 2022
- $2000 an hour for a bankruptcy lawyer? 2022 could be the year - Reuters - January 3rd, 2022
- Jake Paul: 2022 goals include saving Mayweather Promotions from bankruptcy, heal back from carrying the sp - MMA Fighting - January 3rd, 2022
- Trustee in Tomaszewski bankruptcy seeks order to obtain tax refunds - The Batavian - January 3rd, 2022
- I Recently Received A Bankruptcy Discharge But Have Fallen Behind On My House Payments And Am Facing Foreclosure, Is There Anything I Can Do? -... - January 3rd, 2022
- Avoiding Technical Bankruptcy: a Whole-Organization Perspective on Technical Debt - InfoQ.com - December 25th, 2021
- Sean 'Diddy' Combs approved to buy fashion line out of bankruptcy - Reuters - December 25th, 2021
- Red River bankruptcy hearing delayed in Texas court - WANE - December 25th, 2021
- Hello Living staves off foreclosure on East Flatbush project, for now - The Real Deal - December 25th, 2021
- IndyBar: Thank You, US Bankruptcy Court for the Southern District of Indiana Pro Bono Volunteers! - Indiana Lawyer - December 25th, 2021
- These are the measures that transporters have agreed to avoid bankruptcy in the sector - Market Research Telecast - December 19th, 2021
- US judge annuls pharmaceutical company Purdue's bankruptcy agreement - La Prensa Latina - December 17th, 2021
- Litigation Funding In Bankruptcy And Distressed Situations - Above the LawAbove the Law - Above the Law - December 17th, 2021
- Bradleys Bankruptcy Basics: The Automatic Stay and the Why Behind the Warnings: What Happens Once a Debtor Files for Bankruptcy? - JD Supra - December 17th, 2021
- Healthcare Organizations and Bankruptcy: Is Telemedicine the Savior? - JD Supra - December 17th, 2021
- Pandemic drives Carlson family out of the business where they made a fortune - Minneapolis Star Tribune - December 17th, 2021
- Bankruptcy Matters: The New Pandemic Wave is Coming - JD Supra - December 17th, 2021
- Boy Scouts of America bankruptcy updates: What we know about settlements, payouts, more - USA TODAY - December 15th, 2021
- The Automatic Stay and Debtors Filing for Bankruptcy - The National Law Review - December 15th, 2021
- Directors Duties: a stark reality following the recent Marka Ruling and subsequent amendments to the UAE Bankruptcy Law - JD Supra - December 15th, 2021
- Matt Collard: Because of poor spending decisions town is heading toward bankruptcy - Conway Daily Sun - December 15th, 2021
- This Week At The Ninth: Telescopes And Tax Returns - Insolvency/Bankruptcy/Re-structuring - United States - Mondaq News Alerts - December 15th, 2021
- Fraud allegation in Intelsat bankruptcy | - Advanced Television - December 13th, 2021
- Protecting creditors' administrative claims in Chapter 11 bankruptcy cases - Reuters - December 13th, 2021
- Sri Lanka : Country is being pushed towards bankruptcy - Eran - Colombo Page - December 13th, 2021
- Elizabeth Warren Wants to Know How Hertz Went From Bankruptcy to Buybacks in Six Months - The New Republic - December 13th, 2021
- IBBI to make panel of professionals to speed up bankruptcy process - Livemint - December 3rd, 2021
- RBI moves NCLT Mumbai for bankruptcy proceedings against Reliance Capital - Business Standard - December 3rd, 2021
- Can Johnson & Johnson put the taint of scandal behind it? - The Economist - December 3rd, 2021
- Bankruptcy Filings | United States Courts - November 28th, 2021
- More colleges face bankruptcy even as top schools experience record wealth - CNBC - November 28th, 2021
- Boy Scouts will lobby on bill to curb tactics used in bankruptcy proceedings - Politico - November 28th, 2021
- Man who sought to conceal interest in 5m Dalkey property has bankruptcy extended - The Irish Times - November 28th, 2021
- Evergrande's bankruptcy still just a matter of time - Asia Times - November 28th, 2021
- TfL crisis latest: entire Tube line may have to close and bankruptcy notice issued - Evening Standard - November 28th, 2021
- Where Westlife are now from breakup and bankruptcy to successful comeback - Birmingham Live - November 28th, 2021
- Avianca to reoffer jobs to around 100 pilots amid restructuring - Reuters - November 28th, 2021
- Trainer hit with bankruptcy and forced to muck out completes remarkable comeback with Cheltenham and... - The Sun - November 28th, 2021
- Katie Price swerves final bankruptcy hearing AGAIN as court date is pushed back to February 2022... - The Sun - November 23rd, 2021
- Steel Magnate Ordered To Produce Docs In Bankruptcy Row - Law360 - November 23rd, 2021
- The new extension of the bankruptcy moratorium increases the risk of judicial collapse and zombie companies - Central Valley Business Journal - November 23rd, 2021
- Interjet Appoints A New CEO What Does It Mean For The Carrier? - Simple Flying - November 23rd, 2021
- Assured MSP for 23 crops will drive the country to bankruptcy: SC panel member Anil Ghanwat - Economic Times - November 23rd, 2021
- Initiation of the CIRP process under the Insolvency and Bankruptcy Code - Lexology - November 23rd, 2021
- Opinion: In appreciation of Neil E. Harl making farm credit work for everybody - Ames Tribune - November 23rd, 2021
- Riverbed Technologies files for Chapter 11 bankruptcy protection following pandemic 'headwinds' - The Register - November 19th, 2021
- Czech Airlines Reorganization Will Not Turn Into Bankruptcy - Simple Flying - November 19th, 2021
- Is Nash Engineering the Latest Company Bankrupted by Asbestos Litigation? - JD Supra - November 19th, 2021
- MONTENEGRO - The Bill on amendments of the Bankruptcy Law - Lexology - November 19th, 2021
- Six-year fight to end with Williamsburg bankruptcy sale - The Real Deal - November 17th, 2021
- CWT Emerges From Bankruptcy With $100 Million to Invest in Business Travel Tech - Skift - November 17th, 2021
- NBA star Antoine Walker bounced back from bankruptcy in two years. Here's his advice for rebuilding finances - CNBC - November 17th, 2021
- The Boy Scouts Are Abusing the Bankruptcy System - Bloomberg Law - November 17th, 2021
- Another Bankruptcy Court Joins the Debate on the Validity of Bankruptcy Blocking Restrictions - JD Supra - November 17th, 2021
- Best Credit Cards After Bankruptcy | The Ascent - Motley Fool - November 17th, 2021
- Remington Arms returns from bankruptcy and moves to Georgia - We Are The Mighty - November 17th, 2021
- Hike in deaths by suicide in 2020 due to main causes of poverty, bankruptcy, and unemployment - thepolicytimes.com - November 17th, 2021
- Le Chateau's return from bankruptcy includes online sales, stores within stores - AM800 (iHeartRadio) - November 17th, 2021
- Jerry Funk: 28 years on the bankruptcy bench - Jacksonville Daily Record - November 5th, 2021
- Byton Close To Bankruptcy With Missed Payments, Production Halted - InsideEVs - November 5th, 2021
- Ingram and Debitetto on Bankruptcy and Compliance Programs | Health Care Compliance Association (HCCA) - JDSupra - JD Supra - November 5th, 2021
- Sixth Circuit Affirms Holding that Contributions to a 401(k) Plan Made More than Six Months Prior to Bankruptcy Cannot be Excluded from Disposable... - November 5th, 2021
- Bankruptcy Alert for New England States, NY, RI, and DE - The National Law Review - November 3rd, 2021
- The Purdue bankruptcy plan was approved. Where is the money? - STAT - November 3rd, 2021