This is the brand new office complex at 183 and 620.
http://www.statesman.com/business/co...7bankrupt.html
ASPEN PROPERTIES
Tenantless office project files for bankruptcy
By Shonda Novak
AUSTIN AMERICAN-STATESMAN
Tuesday, April 07, 2009
The partnership that owns a new office building in far Northwest Austin has filed for bankruptcy, the latest evidence of trouble in the region's largest office sector...
The owners, Park at Aspen Lake II LP, said the Chapter 11 filing would give the project "an opportunity to reorganize and rebound in a stronger financial market."
"This reorganization will allow PAAL II sufficient time to complete the current leasing program, service all obligations, and maintain this property past the current economic downturn," said Brenda Tworoger, chief executive of Aspen Properties, which developed the project...
Aspen's other Austin-area properties "are stabilized and healthy with a 90 percent cumulative occupancy level," Tworoger's statement said.
The Aspen Lake building was the first component of what was planned to be a large mixed-use development on 38 acres. The site has approvals for 1.3 million square feet of additional development.
The partnership owes $235,464.82 in school property taxes, including penalties and interest, said Forrest Child, collector for the Round Rock school district, in which the property lies.
The partnership also owes just over $168,000 in property taxes to Williamson County for the 2008 tax year, said Deborah Hunt, Williamson County's tax assessor-collector.
Tax liens are the highest priority lien in any bankruptcy, meaning those claims are paid first, Hunt said.
The filing says the partnership has both assets and liabilities of between $10 million and $50 million.
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