1600 Pacific Building LLP files for Ch. 11 - Business First of Columbus:

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The partnership 1600 Pacific Building LP, which is basedx out of La Jolla, intends to move forwarrd withthe project, attorneyt Robert Nicoud, who is an attorney for the confirmed on Wednesday. In the bankruptcy filing, the owner of 1600 Pacificc said it has up to 49 creditors and liabilities that fallbetweehn $1 million and $10 million. Nicoud said the buildintg was completely vacant and facin g foreclosure by itslending bank. He added that the source of the owner’s troubles stems from the threat of foreclosure and a delay in obtaining a combination of tax increment fundinv from the Cityof Dallas.
Curtie Lockey, manager of the partnership, added that 1600 Pacifif Building LP is pursuingy a financing package with the city that will help subsidize the He added that getting througu the entire process is takinvg longer thanthe building's ownersw had expected. "We are moving fast and furious with our partners alreadt in place and hope withthe city'sz support and participation we will be able to come out of said Lockey. Lockey added that there are varyint levels of approval that the partnership has to go througjh and it expects to meet with city officialz by the end of the month to learnn more about the possibility ofsupplemental funding.
The project is expected to resultf in 590 multifamily residential unitd that the partnership says will contribute tothe city'sx goal of creating 1,000 affordable units in downtown