Prospect Park project will continue, developer says

By Rachel Kellogg / Neighbor Newspapers

Plans to develop Alpharetta’s Prospect Park will go on, despite the reported bankruptcy of its developer Fourth Quarter Properties XLVII.

According to Stanley Thomas, founder, chairman and CEO of Thomas Enterprises, Prospect Park’s lender attempted to foreclose the property, but the company filed for bankruptcy to reorganize its finances.

“Wachovia was advertising that they were going to [foreclose], but we prevented them from doing that by filing Chapter 11,” he said.

Thomas said he is still “100 percent” in moving forward with plans for the mixed-use development, but he was not able to provide a timeline for when construction might take place.

“We’re in the process of some loans,” he said.

Alpharetta’s Assistant City Administrator James Drinkard said the city attorney is still obtaining a copy of the bankruptcy petition from the bankruptcy court.

“Until we see it, I don’t know how it’s going to affect the city,” he said.

Councilman Doug DeRito said he sees the company filing for bankruptcy as a good opportunity to finally see the project through.

“The city has always been supportive of this project,” he said. “The fact that they are able to file for bankruptcy gives us hope that they may be able get the project moving again.”

DeRito said he gives Thomas credit for trying to save the project, and he said he hopes to see Westside Parkway completed soon.