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Subdivision Stallage: Another Chapter 11 Filing for DS Ventures

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Troubled developer DS Ventures, a local developer which owns the Metropolitan rental building on Sunset Boulevard (as far as we still know) and which filed for bankruptcy on many of its projects last year, recently filed for Chapter 11 on a sprawling Fresno County tract of homes called Patriot Homes, a project which already has attracted a new offer from a potential buyer, according to local officials. And if you think LA has to deal with unfinished construction sites, well, Clovis has it worse. A description of Patriot Homes: "About a dozen homes are in varying stages of construction. Some are so damaged by weather and vandalism that they will need to be knocked down to their foundations, while others must have pieces removed and replaced, city officials said." The Fresno Bee has been following the Patriot Homes division drama for a while, and previously ran a story about a couple--Carlos and Selene Rico--who, in an attempt to get their deposit back from DS Ventures on a Patriot Homes' residence, traveled to the developer's Beverly Hills office (and that Beverly Hills building is now listed for sale). Eventually, they ended up getting another home in the subdivision, but it doesn't sound like it's much fun living there. "The couple now have bought a larger home in the same subdivision from another buyer through a "short sale." But "I look out from this house and I can still see the top of the other house," Carlos Rico said. "I know this is a bigger home, but I still like that model." Meanwhile, back to the Bee's current story: "The costs to revive the Patriot project will be difficult to cover unless a prospective developer can buy it at a bargain price, likely about one-third of what is owed, said Mike Prandini, president and chief executive officer of the Building Industry Association of Fresno/Madera Counties." Photo via Fresno Bee
· Bankruptcy looms for Clovis subdivision [Fresno Bee]
· Clovis targets developers of unfinished tracts [Fresno Bee]