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Petra Development is sole bidder for prime site in receivership in The Gate in Frisco - Dallas Business Journal

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A developer of luxury communities nationwide is set to buy 4.5 acres of land in The Gate, a partially built mixed-use project along the Dallas North Tollway in Frisco, in an acquisition expected to shift a stalled high-end hotel and condo tower back into gear.

The buyer, Washington, D.C.-based Petra Development LLC, is the only bidder for the prime undeveloped land at the northwest corner of the Dallas North Tollway and John Hickman Road that’s been tied up most recently in receivership.

is currently facing criminal charges and civil charges levied by the U.S. Securities and Exchange Commission in connection with a scheme to allegedly scam more than 100 Chinese investors out of $26 million involving land sites for proposed housing communities in North Texas.

The sale of The Gate property would bring in roughly $3 million in net proceeds after paying secured lenders with liens on the property, according to filings by Barton and Thomas.The developer’s attorneys argue in one filing that the receiver “seems fixated on selling items that are particularly dear to Mr. Barton,” including his personal residence on Rock Creek Drive in Dallas and commercial properties that are at too early a stage in the development process to profitably sell.

 

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