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Garrett Cos.' plan to build a 386-unit mixed-use project on the site of a former Tysons Ford dealership could be falling apart.
An entity tied to the development filed for Chapter 11 bankruptcy protection on Feb. 6, the Washington Business Journal reports.
The company owes at least $425K to four different creditors. Garrett Cos. President Andrew Garrett told the WBJ he is confident it will emerge from bankruptcy by the summer, but that it could involve a sale.
The developer received approval in July to build 386 units and 129K SF of retail, anchored by a grocery store, on the 5.4-acre site at 8201 Leesburg Pike, a quarter mile from the Tysons Corner Metro station. Garrett Cos. had originally proposed a larger plan for 500 apartments after acquiring the site in 2014 for $26.5M.
