Site work for the 126-acre 6-million-sf development got underwaylast year at St. Rose Parkway and Executive Airport Drive. Some $30million of infrastructure work has been completed. The first phaseof vertical development, which was supposed to get underway thissummer, calls for an eight-story, 215,000-sf office building, 184apartments, a 160-room boutique hotel and 175,000 sf of retailspace. The general contractor is Chaparral Contracting, a Plisesubsidiary.

City Crossing LLC filed for bankruptcy earlier this month afterit was unable to come to terms with one of the lenders, CommunityBank of Nevada, a subsidiary of publicly held Community Bancorp,which threatened to initiate foreclosure proceedings. Thebankruptcy filing is meant to prevent the foreclosure while CityCrossing refinances its debt, which matured on April 1 and totalsapproximately $168 million, including $26 million from CommunityBank, according to court documents.

The debt was obtained for the land associated with the project,according to court documents. In seeking approval to enter Ch. 11bankruptcy, City Crossing LLC says that given the financialwherewithal of William Plise, who personally guaranteed the debt,and the existing equity in the land--it was valued at $240 millionin April--the successful reorganization of the LLC, and thecompletion of the project is highly likely.