By: Mary Ann Pekara
April 12, 2011
Real estate developer Andy Sarwal, who was behind a failed business park at the site of the former Concordia University, has recently filed for bankruptcy.
Sarwal's Chapter 7 bankruptcy filing lists $1 million in assets and $18.3 million in liabilities, according to the Statesman. Most of his debts are related to the $750 million University Park that he planned to build on the 23-acre site of the former university. When the plans did not materialize, lenders foreclosed on the only building in the park to be erected, and Cypress Real Estate Advisors acquired most of the remaining undeveloped land.
According to the Austin Business Journal, the biggest single debt listed on the bankruptcy filing is owed to SA East Ave LLC. The entity, which was created by lenders to repossess the only building at the site, is owed $11.5 million. Another $600,000 is owed to Emmis Publishing, the producer of Texas Monthly magazine and the primary tenant of the single building constructed at the former university site. A total of more than 80 creditors are listed on the bankruptcy petition, according to the Statesman.