GAINESVILLE, Fla. (WCJB) - One of the centerpieces of North Central Florida retail has declared bankruptcy.
Celebration Pointe filed for Chapter 11 bankruptcy in federal court on March 14.
The mixed-use development in western Alachua County opened in 2018. It houses restaurants, shops, entertainment venues, and apartments.
The filing lists 15 large creditors totaling more than $130 million in debts.
Chapter 11 allows a company to reorganize their finances while continuing to do business.
A court hearing is scheduled for May 21.
A statement from a spokesperson blamed “recent interest rate shifts and inflation” as well as COVID, forcing “unavoidable development and income delays,” but businesses will remain open and events will go on as scheduled.
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