Biltmore Ridges firm files for bankruptcy | The Tennessean | tennessean.com
The company behind the $300 million, 1,100-acre Biltmore Ridges
housing and commercial development in Bellevue has filed for bankruptcy,
court records show.
Texas-based Nashville Biltmore LP filed for Chapter 11 bankruptcy
protection last week in federal bankruptcy court in the Eastern District
of Texas.
The company listed between $1 million and $10 million in liabilities
and the same amount in assets, according to the bankruptcy filing. The
company has as many as 49 creditors.
The company has as many as 49 creditors.
The Biltmore Ridges plan calls for 441 single-family homes, 576 townhomes, 380 multifamily units, 236,500
square feet of office space, 521,000 square feet of retail space,
10,500 square feet of restaurant space and 275 hotel rooms. The project site is south of McCrory Lane.
In October, the Metro Council approved an unusual arrangement to pay for the road, utility and other infrastructure improvements needed to support the massive development. Under the deal, a special assessment or tax would be levied on all property
within the Biltmore Ridges development. Revenue from the tax would pay
for more than $18.1 million in improvements, including widening a ramp
to Interstate 40, relocating electrical lines and constructing a
2-million-gallon water storage tank.
A bailout of the developer paid by owners in the development. Scammed.
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