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McQuillen Place developers file for bankruptcy

Video Credit: KIMT - Published < > Embed
McQuillen Place developers file for bankruptcyThe bankruptcy filing has the future of the development project up in the air.
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McQuillen Place developers file for bankruptcy

Lawsuit-stngr-2 the future of a multi-million dollar project in charles city is up in the air after the developers have filed for chapter 11 bankruptcy.

K-i-m-t news three's brian tabick is learning what's next for the project.xxx mcquillen place lawsuit-mpkgll-1 lowerthird2line:mcquillen place project future unclear charles city, ia the mcquillen place apartments in downtown charles city have been in the works for the last five years--promisin g 33 apartments and retail space.

But the developer, mcquillen place company, sayd state funding which was originally awarded for the 8.6 million dollar project was dissolved.

The company does have an active lawsuit against the iowa economic development authrority as well as the bank they are using for financing for the project - leaving people wonding what's next for the development.

Mcquillen place lawsuit-mpkgll-3 i had been three years following the like i said though in the hotel burned down and then there is nothing when i come to town and we're like wow it's going to be great and then you hear that now they're going through bankruptcy and for a small town i just wish i hope something good will come out of it mcquillen place lawsuit-mpkgll-4 did reach out to mcquillan pl., company they didn't wish to go on camera at this time but say that chapter 11 bankruptcy is a step in the right direction for the mcquillan place for project in charles city brian tabick kimt news three.

/ those with the mcquillen place company say the project is around 85 percent complete.

The bankruptcy claim filed last week shows the company has around 3-point-2 million dollars in unsecured claims for the top 20 creditors.

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