Ovation Developer Declares Bankruptcy

The Atlanta-based owner of half of the massive Ovation development in Cool Springs filed for bankruptcy protection overnight, hours before the property was set to be sold at auction.

Thomas Land and Development, the owner of half of the 145-acre mixed-use Cool Springs project Ovation filed for bankruptcy, which could have stalled development.

Thomas Ovation LLC filed for bankruptcy today in Atlanta, where the developer is located. A foreclosure sale had been scheduled, according to Williamson County records, at the judicial center in downtown Franklin today. The bankruptcy forestalled the sale and the development, which includes plans for 1.4 million square feet of office space, anchored by the new Mars Petcare U.S. headquarters as a tenant, along with 950 residential units, 450 hotels rooms and 480,000 square feet of retail space.

Thomas Ovation LLC owns nearly half the 145-acre site, for which it loaned $27 million to do so, as reported previously. The company announced today that it received an extension on the repayment of that loan, allowing it to avoid a liquidation sale.

The bankruptcy filing can be seen here, filed in U.S. Bankruptcy Court for the Northern District of Atlanta.

Thomas was responsible for the retail and hotel development portion of the site.

A number of other investors are involved in the project: Highwoods Properties, in charge of developing the office space (Raleigh, N.C.) Bristol Development Group, developing the residential portion and SouthStar LLC (Franklin), which originally bought the site and sold portions off.


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