AUSTIN (ABJ) — Three local real estate pros who have been in hot water recently over separate criminal investigations are wrestling for control of a downtown site that could hold one of Austin’s biggest towers in the coming years.
In the latest step in a years-long battle to foreclose on the downtown Austin IHOP site, a creditor has challenged owner World Class Holdings’ Chapter 11 bankruptcy case, calling it a bad-faith tactic to protect the property from foreclosure.
World Class has continually staved off foreclosure attempts on the IHOP property at 707 E. Cesar Chavez St. since late 2020. The land was most recently set to hit the auction block on Dec. 2, but World Class maintained its hold on the property — at least temporarily — thanks to an eleventh-hour voluntary Chapter 11 bankruptcy declaration by owning entity WC 707 Cesar Chavez LLC.
Read the full story at the Austin Business Journal.…