In March, Judge Brown declined to approve a $2.3 million reorganization plan by the City of Beaverton and Enron Microclimates, one of the project's largest creditors, which has been talking to the California development company Dorn Platz about taking over construction of the development if the city regains control of it.
Meanwhile, the project's current owners, Selwyn Bingham and Sylvia Cleaver, have been talking with a company about buying the bankrupt project for $3.7 million. Such a deal--down from a $4.8 million deal for which they could not get financing--would likely beat out the city and Enron's less lucrative reorganization plan.
The Round at Beaverton Central was touted as the core project of a completely redeveloped Central Beaverton area that skirts the light-rail tracks west of Southwest Hall Boulevard and Watson Avenue. Work on the $100 million office, residential and retail complex stopped in early 1999--two years after it began--after its developer failed to find the necessary financing to proceed, leaving buildings half constructed.
If neither plan pans out, it's possible lawyers for one or more of the creditors could force the project into a Chapter 7 liquidation, which could result in its auction by a court-appointed trustee.
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