Developer of Grand Rapids shopping center files bankruptcy
The owner of a once promising retail development has filed for Chapter 11 bankruptcy protection.
Village at Knapp’s Crossing
The Village at Knapp’s Crossing LLC voluntarily filed the petition at the end of last month.
The development is a 450,000-square-foot retail center, at 2100 East Beltline NE.
The center’s lead tenants are a D&W Fresh Market grocery store and a P.F. Chang’s China Bistro.
The largest portion of the center is in the city of Grand Rapids, while about a third of it is in Grand Rapids Township.
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Developer Steve Benner is the firm’s managing partner and, according to court documents, is the debtor’s sole member.
Not all of the filings had been made with the U.S. Bankruptcy Court for the Western District of Michigan as of this writing, but both the estimated assets and liabilities ranges from $10 million to $50 million in one filed document, and the number of creditors is listed as being from one to 49.
Reportedly, the largest creditor is the International Bank of Chicago, with a claim of roughly $4 million.
The statement of financial affairs is to be filed by the end of this week. A preliminary hearing in the case is set for Sept. 12.
Benner tried to find an investor to buy a 50-percent share in the Village at Knapp’s Crossing to continue construction on reported commitments he had received from new tenants.
He was asking $26 million for a half ownership in the development.
Benner is also a principal in Evergreen Properties.
Tishkoff & Associates, an Ann Arbor law firm, is representing the LLC.