By Mike Sunnucks | Phoenix Business Journal
Real estate development groups that own 96 acres of prime vacant land in north Phoenix’s Desert Ridge area have filed for Chapter 11 bankruptcy to avoid a foreclosure.
The parcels are on the Loop 101 freeway near Tatum Boulevard and adjacent to Desert Ridge Marketplace and the High Street developments.
Two groups that own the land — Epicenter Partners LLC and Gray Meyer Fannin LLC — filed for Chapter 11 bankruptcy on Monday.
Tom Salerno, a prominent bankruptcy attorney representing the two groups, said the land was slated to be foreclosed on the next day. Salerno, an attorney with Stinson Leonard Street in Phoenix, said the land owners had faced a lien related to legal matters and that lien was recently sold putting the land possibly up for foreclosure.
