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Developer NBGI Homes Files Chapter 11

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Olympic Palace developer NBGI Homes--who had the famous slogan "Where to be born is fate, where to live is choice"--filed for Chapter 11 this week, according to Joon Khang, the attorney handling the case. The loan on the Olympic Blvd project was sold to a third party earlier this year, but the Chapter 11 filing stops any sale of the Archeon-designed building, leaving NBGI Homes still in possession of Olympic Palace, which still sits like a big unfinished wedding cake on Olympic. [Curbed Staff]