The Cincinnati Business Courier reports this morning in their print edition that Bank of America has filed suit against Bear Creek on the Newport Pavilion shopping center and indicates that a request for receivership was denied on Wednesday.
This is very bad news for any hopes of adding retailers to the complex anytime soon. Bank of America has been embroiled in a dispute with Bear Creek over the Kenwood development for over a year and it has turned into an ugly soap opera that continues with an additional hearing this morning in Federal Court.
The article indicates that there are over $37 million in debts on the Newport Pavilion complex and until a receiver is named there is really no hope for progress on the site. Stay tuned as I am sure there are more twists and turns in this story to come.