A Friend of Unfair Park sends word that Fairfield Residential LLC -- which has offices in San Diego and Grand Prairie -- filed for Chapter 11 reorganization yesterday in the District of Delaware, with the first hearing scheduled for tomorrow. Says the notice posted today on Fairfield's Web site, it was a voluntary filing prompted by an inability to refinance heavy debt and offload some properties, but the company insists Chapter 11 "will enable continuity of Fairfield's property management, asset management, construction services and general partner functions for the benefit of its creditors and other stakeholders."
That's goodish news for some Victory Park tenants: Among Fairfield's six properties in the DFW is the 224-unit Vista at Victory. But if the name Fairfield Residential rings a bell, well, that's probably because it was the company trying to turn the former Signature Pointe complex on Lovers Lane into a multi-use development. Alas, after much back-and-forthing with the city over zoning issues last year, Compass Bank wound up with the whole shebang.
Keep the Dallas Observer Free... Since we started the Dallas Observer, it has been defined as the free, independent voice of Dallas, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Dallas with no paywalls.