Kansas City real estate developers file for bankruptcy

The partnership behind a mixed-use development in the Northland has filed for bankruptcy reorganization to help the stalled project weather the current development downturn.

Kinsley Forest Estates LLC, developers of a 110-acre commercial and multifamily project southwest of U.S. Highway 169 and Englewood Road, filed the Chapter 11 case Tuesday in U.S. Bankruptcy Court in Kansas City, Mo. The partnership, led by Lenexa developer Hudson Gilliland, listed total assets of $16,250,485 — all but $485 of which is attributed to the investment land — and total liabilities of $7.85 million. Of that amount, $7.66 million is attributed to a loan from Overland Park-based Hillcrest Bank.

With many developers experiencing the same issues, I think you will see many developers filing bankruptcies to buy time until the real estate market improves.

For more information, go to: Kansas City mixed-use project’s developers file for bankruptcy - Kansas City Business Journal

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Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

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