Thomas Enterprises founder Stan Thomas has filed for bankruptcy protection on three large projects — and narrowly missed foreclosure on a fourth. The Atlanta Journal Constitution newspaper reports that Thomas admits about a dozen of the company’s projects are “virtually dead” until he can find financing for them, including several major projects like The Railyards. Thomas also admits the company’s one-time 750-employee payroll has been trimmed to 50 workers.
But a local representative for Thomas Enterprises says the company will continue with $200 million of construction on the project this year. The dollars are earmarked for critical infrastructure on the 244-acre project, one of the largest infill developments in the nation. When completed, The Railyards will include 12,000 homes, 2.3 million square feet of office and 1.4 million square feet of retail, or about the size of Westfield Galleria in Roseville.