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Don Silverman, Margaux's president and general partner, said the bankruptcy filings were done "reluctantly" but in response to the down economy.
"The project, in any other financial market, would be successful," Silverman said of the west-side development. "We're optimistic we can work something out with everybody."
Margaux filed for Chapter 11 reorganization protection in Fort Worth for Margaux Westover Partners, which owns the 35-acre Westover Village at the southeast corner of Green Oaks Road and Texas 183. A Target anchors the shopping center.
Margaux Westover Partners lists assets and liabilities at between $10 million and $50 million for each, court records show.
A related group, Margaux 24 North Partners, which owns an adjacent 22.94-acres at Texas 183 and Roaring Springs Road, also filed for Chapter 11. Silverman said Margaux leased 10 acres of the property to Chesapeake Energy Co. this year, but there has been no other movement on a planned shopping center for the site.
Amegy Bank in Houston posted the 22.94-acre site for foreclosure at the Tuesday auction, the day the bankruptcy cases were filed. As a result, the bank did not follow through with the foreclosure.
Margaux 24 North Partners lists its assets and liabilities at between $1 million and $10 million.
Margaux has owned the nearly 70 acres of land north of Ridgmar Mall since 2005. It sold 10.83 acres in 2007 to Target.
Westover Village is planned to have 250,000 square feet for shops and restaurants in 11 buildings, but Silverman said they have completed only five buildings totaling about 125,000 square feet. The space is about 65 percent leased, he said.
Silverman said they have seen little tenant activity for the shopping center this year, but that started picking up in September. He said leases are being negotiated for 2010.
Margaux is also developing the 250,000-square-foot Parkwood Shopping Center at the southwest corner of North Tarrant Parkway and U.S. 377 in north Fort Worth. Academy Sports & Outdoors anchors the development.
SANDRA BAKER, 817-390-7727
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