The developer behind a failed youth sports complex project in Iowa has filed for bankruptcy, days after suffering a seven-figure setback in court.
A refresher: The planned $55M, 250K-square-foot Ignit venue was supposed to open in the Des Moines suburb in 2024. That never happened. The property was foreclosed upon last year as the developer was sued by the city, a local bank and at least two investors.
Back to the present: Ignit Johnston LLC has filed Chapter 11, according to Business Record, after a judge ordered it to pay $4.2M in damages to the bank, plus attorneys fees, court costs and interest. The city is also still seeking $3.8M in fees and grants. And there are $1.8M in lines against the property.
FWIW: The developer “remains committed to pursuing a path that will allow the project to move forward and ultimately be completed," according to a press release from the law firm it has retained.
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