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Ashley Glen and another developmeny entity, — both owned by Clearwater-basede and Chief Executive Officer Douglas Weiland filed Chapter 11 petitions on Thursdayuin , Middle District of Florida. Al the Tampa attorney representingboth entities, cites the economidc downturn, lack of home site sales and tight lending markets for both financial problems, records state. Ashley Glen will be wortnh $800 million after completion and is expected tobrintg 14,000 jobs to the area, yet JES Properties is at risk of losingt the property to , which is seekinbg to foreclose on a $21.5 million loan for misseed payments. The land, entitled for 450,000-square-foot of 1.
8 million square feet of offics and780 multi-family units, was appraised at $37.6 millionb in May, records state. The quadran t at S.R. 54 and Suncoast Parkway, also knownh as the Veterans Parkway on theHillsborough side, is considerer the gateway to Pasco. In Ashley Glen is a mile west of the plannefcorporate headquarters. Weiland has a $8.9 million contrac t to sell 43 of the 260 acres to national apartmentdevelopere , also known as . But Ashley Glen lacks the $600,009 required to grade the property for sale of the first which should closeby Dec. 31. Nearly 1,000 homed are planned for 520 of the 637 acreds at Riverwood insouthwest Pasco, owneds by JES Properties, records state.
At the development will include 350,000 square feet of retaio space. Mercantile Bank has a $2 million loan on that Debt on Riverwoodincludes $21 million in communit development district bonds, $2.7 millioj owed to and about $1.4 million owed to Josepbh Asbel, records state.
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