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Yo_Mama_Been_Loggin

(107,085 posts)
Sun Jul 26, 2020, 02:08 PM Jul 2020

Bankruptcy complicates disputed Frognal Estates development

PICNIC POINT — Backers of the controversial Frognal Estates development filed for Chapter 11 bankruptcy Thursday in hopes of reviving the 15-year project’s faltering financials.

Frognal Holdings LLC, which owns the 22-acre property near Picnic Point Road, owes $11.3 million to more than a dozen creditors, according to a petition the company’s attorneys filed in U.S. Bankruptcy Court in Seattle.

Once forested and now covered with stumps, the site was approved for a 112-home subdivision over the objections of neighbors, who argued the development would create landslide risks on steep and environmentally sensitive land.

Developer John Lakhani insisted in a Friday text message that the project will still go forward as planned.

https://www.heraldnet.com/news/bankruptcy-complicates-disputed-frognal-estates-development/

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