Culpeper Crossroads in bankruptcy- Our Culpeper Crossroads project is a different story. Despite being impacted by the economic downturn, the solid financial strength of the deal is not impacted, only its timing. It is in reorganization, and we expect to file a refinancing plan within the next 90 days. It is anticipated that this new plan will be approved and construction will commence in 2010. These are not easy days for many industries. We work hard to be transparent with our partners, financers and the communities we work within. We strive to do the right thing, no matter how hard. And sometimes the right thing is to use the legal system to protect our landowners and financiers. We could only wish that all of our development projects are as solid as the Culpeper Utility Partners project.

Culpeper Crossroads in bankruptcy- Culpeper Crossroads, a massive commercial development slated for the corner of U.S. 29 and Route 3, filed for Chapter 11 on May 27, according to the Alexandria division of the U.S. Bankruptcy Court. Angler’s proposed 490-home Copper Ridge project on East Chandler Avenue went into bankruptcy in October. Last June, the Culpeper County Board of Supervisors voted 4-3 to rezone 66 acres — from rural area to commercial services — for Culpeper Crossroads. The large commercial project was to include a major department store along with another 500,000 square feet of big box stores and retail offerings. Maryland attorney Jim Vidmar, who also represented Angler in the Copper Ridge bankruptcy, said Monday that his client filed for Chapter 11 in the Crossroads project in order “to reorganize their business affairs.” “We expect a plan of reorganization and are still working on those details,” he said. The first meeting between Angler and its creditors will be held June 26 in the office of the United States Trustee in Alex-andria. The Board of Supervisors is considering a separate proposal from Angler Development to build a $110 million water and sewer system through a public-private partnership. Most of these discussions, however, have taken place in closed session. ..Published: June 9, 2008

Save Kirkpatrick's Pond

Culpeper shopping mall would destroy this wetlands