Monday, May 18, 2009

Stoneleigh condo developer forced into bankruptcy

The developer of the Heritage at the Stoneleigh Dallas, a marquee luxury residential developments in Dallas’ Uptown area, has been forced into involuntary bankruptcy protection by five of its creditors.

AP-Prescott Stoneleigh Residences LP owes $4.7 million primarily to Turner Construction Co. and it subcontractors for work on the tower located on Maple Avenue.

The adjacent Stoneleigh Hotel is not part of the involuntary filing.

Work stopped on the condominium project last summer with about 10 stories of 22 planned completed.

Similar high-end projects have struggled as the recession dried up buyers for the condos that were prices as high as $3 million.

The Dallas Morning News