By MATT BLOIS
One of the developers of the Ovation project in Cool Springs has about four months to repay his creditors to avoid foreclosure.
The Georgia based company Thomas Ovation LLC, which is developing about half of the Ovation project, filed for bankruptcy in October 2018. The company is owned by Stanley Thomas.
Thomas owes his creditors almost $44 million, and the loan is accruing about $18,750 of interest each day, according to court documents. Thomas Ovation, LLC owes $21.9 million to Fourth Quarter Properties 100, LLC based in Georgia and $10.2 million to GRE Kappa, LLC in New York.
The company also owes hundreds of thousands of dollars in taxes to the state of Tennessee and to Williamson County.
Earlier this month, Thomas offered to pay his creditors by June 1. According to court documents, his creditors agreed not to foreclose on the property if Thomas can pay back the loan.
If he can’t pay back the loan court documents say he is obligated to cooperate with his creditors by turning over the property.
The bankruptcy hasn’t stopped other developers in the area from seeking new tenants or constructing planned buildings.
Highwoods Properties, which owns the other half the Ovation property, is still seeking tenants for its share of the land. That company is developing the offices in Ovation while Thomas was responsible for building homes, retail and hotels.
Highwoods Properties is well on its way to completing a new headquarters for Mars Petcare. In a press release, the company estimated the project would be completed by the second quarter of 2019.
As previously reported by the Home Page, the Franklin based development company SouthStar was originally going to develop the housing and retail areas of Ovation. The company later sold the land to Thomas.
Companies connected to SouthStar still own several pieces of land in the area. In general, the company forms partnerships with other companies to purchase property.
This month, SouthStar in partnership with Chartwell Hospitality proposed a new mixed-use development across the street from Ovation. That proposal will need approval from the Franklin Planning Commission.
The newly proposed development will have hundreds of new homes, 100,000 square feet of retail and restaurant space as well as 750,000 square feet of office space.
SouthStar will continue work on the Carothers Crossing East development where the LifeTime Fitness building is located. That development will eventually have 43,500 square feet of office space, 22,000 square feet of retail and a storage facility.
SouthStar is also working as a development consultant with a group of three partners who hope to build about 330 homes and 67,000 square feet of retail space at the northwest corner of Liberty Pike and Carothers Parkway.