The developers of the Dallas Logistics Hub say the weak economy has forced them to seek bankruptcy protection.
“We are just suffering from the same economy that everyone in the development and real estate world is suffering from right now,” said Richard Allen, of Allen Capital Partners.
The company assembled 6,000 acres of Southern Dallas County land in recent years for the project near Interstate 45 and Interstate 20. It already features a Union Pacific railroad cargo transfer facility that straddles the city limits of Wilmer and Hutchins.
Additional railroad and warehouse facilities are in the master plan for the project adjacent to the Lancaster Airport, which would be expanded to handle air cargo.
The Dallas Logistics Hub has been strongly supported by many local officials as an enormous future economic boost for North Texas.
Allen said the Chapter 11 bankruptcy filing is intended to allow the project to go forward with reorganized debt and no changes in current operation or staff, but with a slower future growth schedule.
“We should emerge in six to nine months as a restructured company,” Allen said.
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