Asheville News

Largest development project in downtown Brevard files for bankruptcy

Jason Sandford April 1, 2010

Jason Sandford

Jason Sandford is a reporter, writer, blogger and photographer interested in all things Asheville.

From the Hendersonville Times-News:

BREVARD — The largest development project in downtown Brevard filed for chapter 11 bankruptcy protection last week. Called French Broad Place, the development consists of two stories of commercial space and two stories of condos.

French Broad Place Partner Mark Latell said the project is still viable but the company was unable to restructure a loan with Asheville Savings Bank. The bank had not foreclosed on the property but was headed in that direction, he said.

The company, French Broad Place, LLC, listed $20.2 million in assets, mostly in the building, and $14.4 million in liabilities. It had $100 in an account at Asheville Savings Banks and no money in an account at Macon Bank. French Broad also had $37,000 at Asheville Savings Bank in an interest reserve account and $34,000 in rental deposits.

Jason Sandford

Jason Sandford is a reporter, writer, blogger and photographer interested in all things Asheville.