Judge Still Undecided on Stalled Development

BEAVERTON, OR-U.S. Bankruptcy Judge Trish Brown will decide sometime after Wednesday who will end up with control over the Round at Beaverton Central development, a long-stalled mixed-use development project surrounding a downtown light rail stop. Wednesday is the deadline for the final written briefs to be submitted in support of each of the debt-reorganization plans.

In court Friday, judge Brown listened to a plan by original project developers Selwyn Bingham and Sylvia Cleaver and another by the city and creditor Enron Microclimates. Toward the end of the hearing, the judge said she was undecided but leaning toward the city’s proposal because of a lack of certainty with the proposal by Bingham and Cleaver.

Bingham and Cleaver’s proposal hinges on a loan from Chicago’s Wexford Bancgroup that wouldn’t be granted until after the judge approves the Bingham-Cleaver plan. The one-year loan at 12% interest would be given to Crescent Avenue, a limited-liability corporation owned by Cleaver and Don Thor. For the plan to work, the group would still need to find longer-term construction financing, let alone long-term financing once construction is complete.