Oh, the wild and rowdy world of big-stakes real-estate development!
San Antonio-based Darren Casey — known for the millions of square feet of commercial properties he’s developed across South Central Texas — has filed to seek Chapter 11 bankruptcy protection for 31 of his ventures, the Express-News reports.
Even if you don’t know Casey by name, you’ve likely driven by some of his properties, which include downtown’s Travis Park Plaza, Westpointe Retail Center, multiple Tacara apartment developments and public storage compounds all over town. He’s developed 4 million square feet of office, retail, industrial and multi-family residential structures not just in the Alamo City but Austin, San Marcos, New Braunfels and even California.
Apparently, the longtime developer faces a “cash flow crunch and pressure from lenders,” according to the Express-News, and his businesses have a combined $25 million in debt on $50 million in assets. Those enterprises run the gamut from Casey Ventures Inc. to Stone Oak Retail Partners Ltd. to Baxter Southwest Corporate Realty Services Inc. to Tacara Weiss Ranch Investors LLC, according to the daily’s rundown.
In Chapter 11 cases, filers ask the court to hammer out a plan so they can pay off their creditors without having to close down their businesses. Doesn’t always work out, but that’s the plan anyway.
All but three of Casey’s ventures seeking Chapter 11 protection filed last week in the Fort Worth U.S. Bankruptcy Court’s “Mega Docket,” set up to handle massive cases with tens of millions in liabilities, the Express-News reports. The remaining three were filed in Cowtown’s standard bankruptcy court.
For those interested in tracking every move of Casey’s financial drama, he filed an emergency motion requesting that the court consolidate all the bankruptcies into a single case, the daily reports. Judge E. Lee Morris is expected to hear the motion on Friday.
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