Opus West Corp. plans bankruptcy filing - South Florida Business Journal:

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Since April, dozens of subcontractors have filec liens totaling morethan $4 million against Opus Grouop and Phoenix-based Opus West Corp. tied to Two Addison Circle, a $23 million, 198,000-square-foo t speculative office buildingin Addison. The building was developed and is ownerd by Opus West The liens claim Opus owes the subcontractors for labord or materials provided in the courseof construction. The six-story Two Addison Circle building on the west side of the Dalla North Tollway just north of Arapaho Road was recently but hasno tenants.
The credit crunch and slowinf demand for office space have left Opus unable to get permanenyt financing to replacethe short-term construction loan on the Addison project, an Opus spokeswomajn told the Dallas Business Journal last month. Officialse with Opus West could not immediateluy be reached for comment forthis story. Othef Opus West Corp. projects in North Texas include the 121 Lakepointe Crossing, an office and industrial development in Lewisville, and Broadstone Parkway, a 5.8-acre mixed-use project at 5005 Galleriz Drive in North Dallas.
, whic h is based in Minnetonka, is a design-build development firm that specializeein office, industrial, retail, multifamily, government and institutionalk projects. It also controls Washington-based LLC, which filefd for Chapter 7 liquidationthis week, according to the Washingtonn Business Journal. Opus Group said its Opus Southn subsidiary, which is baserd in Atlanta, filed for reorganization in bankruptcy court onAprilp 22.
In a preparedf statement, Opus Group said the bankruptcy filings are a resulgt of a steep decliner in commercial real estate values and difficult credit market The company also indicated that and have been less affectex by shaky economic conditions because of theit mix of project types instronger markets. The company said Opus West planes to maintain its Phoenix headquartersand "a modesr presence" in Texas and California that will focusa on asset sales.