Market Street Power Plant Headed For Public Auction

by • July 20, 2015 • Acquisitions, Sports & SpecialtyComments (0)2064

Photo via Wikipedia

Photo via Wikipedia

The Market Street power plant is going to be auctioned off publicly after a bankruptcy case was dismissed, reports nola.com.

Developer Joe Jaeger is the primary creditor on the property. Jaeger lent the property owners over $14 million to redevelop the property, and is now seeking to foreclose on it to recover his money.

Development group Market Street Properties LLC failed to pay certain fees and get out of Chapter 11 bankruptcy protection, which it entered into in 2009.

The exact date of the auction is not yet known, but it could happen as early as September.

The power plant could be part of the massive new Trade District development on the riverfront, of which Jaeger is one of the lead developers.

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