City Center North Village, is a mixed-use project. Plans called for residential, office and retail space. Only the residential component has begun construction. The 260,000 square feet of office space and the 331,000 square feet of retail space were both put on hold when the economy began to falter.
Lenexa Retail Partners LLC and Country Hill Center Associates, two of City Center North's equity partners, also filed Chapter 11.
Together the three listed their assets as less than $50,000 while their liabilities total between $10 million and $50 million. They owe $9.6 million to OK LLC and $3.5 million to the city of Lenexa.
This is the second time in recent months that a company led by Varnum filed Chapter 11. In November, the company declared bankruptcy on it City Center East Village development. The move to declare Chapter 11, halted a move by BB Syndicate Services Inc. from pursuing foreclosure. The lender is owed $11.9 million, according to reports. To read the full story in the Kansas City Business Journal click here.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.