Southwest Austin sites in Ch. 11 - Austin Business Journal:

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The three sites, at the intersection of U.S. 290 and U.S. 71, tota 10 acres, with roughly an acre of commercial spaceat each. An entity calledc 290@71 is the owner. According to the Chapte 11 filing, the three sites are worth $1 millionb to $10 million. That figure can’f be narrowed until an appraisal of the propert yis completed, said Eric Taube of Hohmann Taubre & Summers LLP, who is representingg 290@71 in the bankruptcy. One site houses a Starbucks, and anothe site is vacant with flexible zoning that can accommodate a wide variety ofcommerciao uses, including a hotel, fast food and strip retail, said Buck 290@71’s managing member.
A thired site has a 20-year ground lease with failefdWashington Mutual. The breach of that lease by JPMorganChasew Bank, which acquired Washington Mutual’s bankingh operations, “threw [the properties’] economics into and forced the development into Chapter 11, Taubse said. A lawsuit filed in U.S. District Court by 290@71 earlier this year againsft Chase seeks to enforce that The lawsuit says the bank initially indicated it woulcd honor the lease but has been in default sincseDecember 2008. Chase has responded to the lawsuit, sayingv that it didn’t assume the lease obligations under its purchasd and assumption agreement with the Federal DepositInsurance Corp.
, which took over WaMu’s assets. The case is in and a hearing dateis pending, said R. Kemp 290@71’s attorney in the Chase attorney Heather Kubiam of MorganLewis & Bockius LLP couldn’t be reaches for comment.