Downtown Waco insulated from financial woes of ex-developer involved with Joplin and Amarillo
Troubles continue for David Wallace, the one-time master developer for downtown Waco, but downtown Waco is rolling on without him.
The Sugar Land developer filed for personal Chapter 7 bankruptcy in March for debts of up to $50 million. The city of Joplin, Missouri, last month won a $1.4 million default judgment against his now-defunct partnership, Wallace Bajjali.
But Wallace and his former partner, Costa Bajjali, have been ousted from all of their Waco property holdings except one, RiverSquare Center, and their role in that property has been reduced.
After Wallace and Bajjali resigned in January from the firm that bears their names, tenants and property managers were left uncertain about the complex’s direction. Wallace and Bajjali were partners in SWB RiverSquare Partners, which bought the retail-office complex at South Second Street and Franklin Avenue in 2007.
Read more: http://www.wacotrib.com/news/downtown_waco/downtown-waco-insulated-from-financial-woes-of-ex-developer/article_b5f55f65-2ca6-5657-8649-51c7d7be42cb.html
Cross-posted in the Texas Group.