A group led by former Texas Rangers slugger Rafael Palmeiro that planned a 162-acre mixed-use development in Grapevine has filed for Chapter 11 bankruptcy protection in Fort Worth.
A limited partnership and a limited liability corporation -- The Gardens of Grapevine Development L.P. and the Gardens of Grapevine Development GP Llc. -- both filed cases in the federal bankruptcy court.Palmeiro is listed as manager of both entities. The partnership also identified itself as The World Villages of Grapevine, which the group proposed in 2007 to include hotels, a 20-acre Asian-themed garden, river walk, waterfalls, shops and offices northeast of Grapevine Mills mall.The partnership listed itself as having $50 million to $100 million in assets and $10 million to $50 million in liabilities. The Llc. listed itself as having $100,000 to $500,000 in assets and $10 million to $50 million in liabilities. Both entities listed their bankruptcy petitions as voluntary.A Dallas attorney for the group did not respond to requests for an interview and faxed questions Tuesday. Chapter 11 proceedings give the group protection from creditors while it reorganizes.The group bought the property in 2007 from Hunt Development and touted the project as filling a need for upscale stores and lodging.Bruno Rumbelow, Grapevine's city manager, said there has been no activity between the developers and the city other than a zoning case."I don't want to denigrate [Palmeiro], because he's been diligent," Rumbelow said. "I think the recession has hurt him, and the lack of access to capital probably has, but those are questions for him."Rumbelow said capital markets are opening up as the economy recovers."Things are beginning to move," he said, pointing to new restaurants in Grapevine, this spring's opening of a Legoland Discovery Center at Grapevine Mills, the impending opening of a Sea Life Aquarium at the mall, a potential renovation of the mall and expansion at the Gaylord Texan Resort & Convention Center."There's certainly things happening here," he said. The Gardens development "is all about finding the right mix of users."Palmeiro, who lives in Colleyville, played for the Rangers for 10 years and was one of the game's best hitters. His career ended in 2005 when he tested positive for steroid use while playing for the Baltimore Orioles.He has said the positive test was the result of a tainted shot of a vitamin supplement, not from taking steroids.Scott Nishimura, 817-390-7808Have more to add? News tip? Tell us
