The developer and majority owner of The Harbor in Rockwall has filed for Chapter 11 bankruptcy protection. The Harbor is a city center in the Dallas/Fort Worth Metroplex where residents and visitors can enjoy restaurants and shops, as well as a full-service hotel and a 12-screen movie theatre.
The developer, Rob Whittle, wants to restructure the development’s mortgage so he can lower rent for tenants.While most tenants are doing well, some retailers are having a hard time. The Harbor averages 25,000 visitors a week and even more during the summer, so Whittle is doing his part to help keep retailers open and in business.
Because the development cost about 30% more to build than the average development, and because the site itself costs close to double what a normal site in Rockwall costs, retailers at The Harbor pay about 25-30% more than the current market rate for Rockwall. The trouble Whittle is now facing is that his retailers can’t afford to pay the rent, so he is trying to lower the rent so it’s more comparable to the rent in other areas of Rockwall.
Helping Business Owners File for Bankruptcy
The economy has certainly taken its toll on businesses both small and large. If you own or operate a struggling business, a Dallas bankruptcy attorney at the Malaise Law Firm can help. We are available to discuss your current financial situation in order to help you find a way to overcome or eliminate your debt so it no longer present a threat to your business. There are many options we can explore in our efforts to resolve your debt, including filing for bankruptcy, credit counseling, debt settlement or debt consolidation. If you are interested in scheduling a consultation to discuss your situation with an attorney at our firm, please contact the Malaise Law Firm today at (800) BANKRUPT!