The Minden Gateway Center has filed for Chapter 11 bankruptcy, affecting a host of local contractors who have liens on the property, and hindering the completion of the site's only vertical project, the Holiday Inn Express, which was scheduled to open this month.
The 13-acre site, next to the intersection of highways 395 and 88, was originally envisioned to house nearly 200,000 square feet of commercial space, including a grocery store, pharmacy, restaurants, retail and office complexes, plus the hotel.
Minden Gateway developer Jeffrey Lowden blamed the bankruptcy on the economy.
"We were forced to make this decision because the banks continue to be unreasonable and are not working with many of their borrowers to find a solution," Lowden wrote in a press release. "We are a victim of the market like millions of others in this country."
But Lowden hopes the Chapter 11 restructuring will enable the completion of the project.