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DALLAS-Bank of the Ozarks Inc., headquartered in Little Rock, AR, has scheduled a February 3 foreclosure hearing to determine the fate of more than 50 vacant acres on the city’s near south side. An article in the Dallas Morning News reports that the acreage was to hold a $950 million apartment and retail complex.

The site was once the site of the Alford Refrigerated Warehouse Co. Developer JPI of Irving, TX bought the land in 2008 with plans to build 3,000 residential units and 400,000 square feet of retail space. The Dallas City Council approved zoning for the property last October, notes the Dallas Morning News article.

The article reports that a bank spokesman is currently negotiating with the borrower in hopes of avoiding a foreclosure. Nor is JPI alone; according to the Foreclosure Listing Service, the site is one of several large tracts of land in the Dallas area lenders have posted for sale in February.

Learn more from the article here.

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