Legacy Capital Investments, which owns 265 acres of land in the Silveron division of the Lakeside Business District, filed for Chapter 11 bankruptcy on June 3.
Legacy Capital had planned to use the land as a mixed-use development for medical, retail, residential and office facilities. As of the filing date, the land had not been developed.
While Flower Mound Economic Development Director Melissa Glasgow said it is a concern for the town, she added that it is still way too early to determine what type of effect the bankruptcy will have.
"It’s very early in the process, and we don’t know yet what impact, if any, there will be," Glasgow said. "We will certainly be monitoring the situation as it progresses, but it did just occur last week."
Glasgow said she is not certain whether Legacy Capital will try to move forward with any developments.
"It remains to be seen," Glasgow said. "I have no idea what they will do with the land ... but I believe their intent has always been to sell the land to other developers."
Glasgow said, at this point, it does not appear that the bankruptcy has had a domino effect on any of the other businesses in the district.
"I would have to think that this is an isolated incident," Glasgow said. "I don’t know that there is any relation with any other companies that are down in this area that would be affected by this issue. We have not heard of any other facilities or firms or entities within the Lakeside Business District that are having any economic challenges."
Glasgow said Flower Mound would continue to follow the situation closely.
"We certainly do want to see development occur in this area of the Lakeside Business District," Glasgow said. "We hope this matter will be resolved as quickly as possible."
As of press time, repeated attempts to contact a spokesman at Wicker & Associates, the broker representing the property for Legacy Capital Investments, were unsuccessful.