Master-planned community developer files for bankruptcy
The partnership behind the 2,675-acre Park Highlands master-planned community in North Las Vegas filed for Chapter 11 bankruptcy protection late Friday.
The project, which is being developed by a group led by the Olympia Group, listed between $100 million and $500 million in estimated liabilities against similar estimated assets.
Attorneys for Park Highlands plan to file a complete list of all creditors in U.S. Bankruptcy Court in Las Vegas this week, lead attorney Richard Holley said today.
The 20 unsecured creditors listed with the original filing include Western States Contracting, which is owed $1.16 million, and the city of North Las Vegas, which is owed $221,074.
The project broke ground in January 2007 and is designed to have 16,000 residential units home to 50,000 people in 10 years.
Construction so far has been has been focused on installing utilities, rough grading for streets and other infrastructure construction on 600 acres on the eastern portion of the development.
Marc Bolduc, Olympia's senior vice president of development, said the project has been temporarily shut down, fenced and the materials secured.
No model homes or any other vertical construction has taken place.
Olympia acquired the land in late 2005 after bidding $639 million at a Bureau of Land Management auction.
