Developer files for bankruptcy on Phoenix parcel

bankruptcy-004By Russ Wiles | The Republic

A group headed by Gray Western Development has filed for bankruptcy on a big Phoenix parcel

The Chapter 11 filing pertains to 98 acres of mostly undeveloped land near Loop 101 and 56th Street

The mixed-use commercial and residential site is estimated to be worth at least $160 million

A development group filed for bankruptcy protection earlier this week on 98 acres of mostly undeveloped land in north Phoenix.

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