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Wednesday, January 8, 2020

Group Working on Lone Star Brewery Redevelopment Files for Bankruptcy Protection

Posted By on Wed, Jan 8, 2020 at 1:55 PM

click to enlarge The former Lone Star Brewery has changed hands several times since ceasing operation in 1996. - MICHAEL BARAJAS
  • Michael Barajas
  • The former Lone Star Brewery has changed hands several times since ceasing operation in 1996.
The redevelopment of San Antonio's long-shuttered Lone Star Brewery has been dealt another setback.

The owner of the near-Southtown property, Lone Star Brewery Development Inc., filed for Chapter 11 bankruptcy reorganization this week — a move that appears to have halted a pending foreclosure auction.

In its Chapter 11 filing, LSBD — a subsidiary of Houston's Parkview Capital Credit — lists liabilities of $27 million, much of that owed to creditors BridgeInvest and Princeton Capital Corp.

The brewery property itself is valued at $30 million, according to court documents. The ownership company lists just $30 in its bank account.

Developers have made several unsuccessful runs at turning the facility — which stopped beer production in 1996 — into a mixed-use development akin to the Pearl.

Parkview purchased the 35-acre site in 2017 with plans for a $300 million overhaul. However, that deal fell apart after one of its partners withdrew.

In December, a fire caused extensive damage to one of the buildings on the property.

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