Written: May 18, 2017

Atlanta developer Stan Thomas files bankruptcy for Tennessee project

The Atlanta-based owner of half of the massive Ovation development in Cool Springs, Tenn., filed for bankruptcy protection hours before the property was set to be sold at auction.

The May 17 bankruptcy filing had the desired effect, canceling a foreclosure sale that was scheduled for noon today on the steps of the Williamson County Judicial Center in downtown Franklin. It would have been a dramatic twist for a high-profile project more than four years in the making, one that aims to create an urban mixed-use environment in the region’s longtime suburban corporate headquarters hub. Ovation, which will cost more than $1 billion to build, is planned to include up to 1.4 million square feet of office space — including the new headquarters for Mars Petcare U.S. Inc., one of the county’s largest employers — as well as 480,000 square feet of retail, restaurants and entertainment space; 950 residential units; and 450 hotel rooms.

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